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1. Bangladesh Economic Update, September 2011

Author

World Bank

Subjects
MARKET COMPETITION, GROWTH RATES, PRIVATE INVESTMENT, FOOD PRICE, INFLATIONARY PRESSURES, COMMODITIES, FOREIGN EXCHANGE RESERVES, INFLATION, EQUIPMENTS, FISCAL DEFICIT, BROAD MONEY, INCOME, EXPORT GROWTH, RECESSION, SHARE PRICES, GOVERNMENT BORROWING, COMPETITIVENESS, RETURNS, CREDIT GROWTH, FINANCIAL MARKET, NON-PERFORMING LOANS, DOMESTIC BANK, MORAL HAZARD, EXCHANGE COMMISSION, RATE OF GROWTH, OUTSOURCING, PRICE INCREASES, REPO, PENSIONS, INSTITUTIONAL INVESTORS, BALANCE OF PAYMENTS, INCOMES, MONETARY FINANCING, RAPID EXPANSION, DEMAND GROWTH, REMITTANCE, PRICE INFLATION, EXCESS DEMAND, CORPORATE GOVERNANCE, GLOBAL ECONOMY, CREDIT RATINGS, INTANGIBLE ASSETS, BASIS POINTS, CREDIT FLOWS, MONETARY POLICY, TAX COLLECTIONS, DEFICIT FINANCING, ECONOMIC COOPERATION, LIQUIDITY, INTEREST RATES, PRICE INDEX, SMALL BUSINESS, CONTINGENT LIABILITIES, DOMESTIC CREDIT, DEBTS, CONTRACT RENEGOTIATIONS, LOAN PORTFOLIO, ADVANCED ECONOMIES, WITHHOLDING TAX, ADMINISTERED PRICE, TRADE FINANCING, INCOME TAX, EXPORTS, DOMESTIC BORROWING, CURRENT ACCOUNT BALANCE, FINANCIAL ACCOUNT, EXCHANGE RATE, FINANCIAL INSTITUTIONS, ECONOMIC ACTIVITIES, PRIVATE PLACEMENT, TELECOMMUNICATIONS, BANKING SERVICES, DIVERSIFICATION, TAX BURDEN, PRICE ADJUSTMENTS, PRIVATE CREDIT, CAPITAL ACCOUNT, EXTERNAL BORROWING, CREDIT FACILITY, MARKET DISTORTIONS, COMMODITY PRICES, MUTUAL FUNDS, TAX REVENUES, DEVELOPING COUNTRIES, SECURITIES, DOMESTIC CREDIT GROWTH, REAL GDP, CREDIT RATING, EXPOSURE, SALES, REAL ESTATE, FOREIGN INVESTMENT, LENDING REQUIREMENTS, PUBLIC INVESTMENT, LETTER OF CREDIT, MARKET ACCESS, CAPITAL FLOWS, TAX, BANKING SYSTEM, STOCK MARKET, ECONOMIC GROWTH, INSURANCE COMPANIES, BROKERAGE, WEAK CORPORATE GOVERNANCE, GOVERNMENT DEBT, COMMODITY, EXTERNAL FINANCING, MONEY GROWTH, STOCKS, TOTAL REVENUE, FINANCIAL SECTOR, PRICE LEVEL, ADVANCED COUNTRIES, EXPATRIATE, FOOD PRICES, FOREIGN FINANCING, RAPID GROWTH, ADMINISTRATIVE REFORMS, PRODUCTION INCREASES, TAX COLLECTION, ECONOMIC OUTLOOK, BORROWER, ASSET PRICES, INTERMEDIATE GOODS, LOANABLE FUNDS, INTERNATIONAL MARKETS, TRADE DEFICIT, NET EXPORTS, DISPUTE RESOLUTION, STOCK EXCHANGE, CONSUMER LOANS, MERCHANT, DEBT, BANKING SECTOR, BANK BORROWING, TAX RETURNS, INTEREST RATE CAPS, ADMINISTERED PRICES, DEFLATION, CONSUMER SPENDING, NON-PERFORMING LOAN, IPO, TRADE REFORMS, RESERVE BANK, ACCESS TO FINANCE, CENTRAL BANK, RESERVE REQUIREMENT, AGRICULTURE, FREE TRADE, INVESTMENT CLIMATE, MACROECONOMIC POLICIES, CAPITAL MARKET, POLICY ENVIRONMENT, MACROECONOMIC MANAGEMENT, DEFICITS, FOREIGN EXCHANGE, FOREIGN ASSETS, ACCOUNTING, GROWTH POTENTIAL, STRUCTURAL PROBLEMS, REMITTANCES, BANK FINANCING, BENCHMARK, BROKERAGE HOUSES, OUTPUT, OIL PRICES, RESERVE, INSURANCE, TURNOVER, REGULATOR, CURRENT ACCOUNT, FINANCIAL INSTITUTION, LDCS, CAPITAL FUNDS, EXPENDITURES, CURRENT ACCOUNT SURPLUS, COMMERCIAL BANKS, REPO RATES, STOCK MARKETS, EQUITY MARKETS, INFLATIONARY EXPECTATIONS, AGRICULTURAL PRODUCTS, LOAN CLASSIFICATION, INTANGIBLE, LOAN DECISIONS, ALLOCATION OF CAPITAL, LEVY, SAVINGS, PETROLEUM PRICES, RETAIL, CONSUMER GOODS, INTEREST RATE, LEVEL PLAYING FIELD, EXPENDITURE
Abstract

Real gross domestic product (GDP) grew at 6.7 percent in FY11, continuing the upward trend in growth after declining during FY06-09. This strong performance can be repeated in FY12 if exports continue to grow and if garment exports benefit from the agreement reached during the recent India-Bangladesh Summit, remittances continue to recover, and if investment is boosted by improved infrastructure services particularly power. Risks in the global economy can affect Bangladesh in several ways. The standard and poor (S&P) downgrade of US debt as well as the debt problems in the Euro Zone are affecting the international markets and renewing fears of another global slowdown. This time around, limited fiscal and monetary space in developed countries increases the chances of a protracted slowdown. If this slowdown occurs, it can affect Bangladesh's balance of payments through its impact on exports and remittances, put pressure on the exchange rate, increase economic uncertainty, and, in turn, weaken investment and growth. Domestic policies will also affect Bangladesh's economic prospects. A slow pace of reforms in the investment climate can affect domestic and foreign investment, as can inadequacies in energy supply and the poor quality of roads. The reversal of trade reforms as well as weakening of the financial sector can also affect export growth and investment. Expansionary macroeconomic policies could increase risks on the current account and make inflation management more difficult. Unlike in 2008, Bangladesh has insufficient policy space to cushion the impact of a second global slowdown through fiscal stimulus. packages and monetary easing. Rapid growth in subsidies, sustained high rate of growth of credit to the private sector as well as recourse to monetary financing of the fiscal deficit have led to the erosion of the fiscal and monetary policy space. Much improved fiscal and monetary discipline combined with stronger efforts to address the energy and infrastructure deficits will be critical for sustaining growth performance. Maintaining the long-established tradition of sound macroeconomic management will also be important.

Published
2011

2. India Economic Update, June 2011

Author

World Bank

Subjects
INVESTOR PERCEPTIONS, CAPITAL BASES, EMERGING MARKET COUNTRIES, REAL INCOME, TOTAL DEBT, UNCERTAINTY, PRIVATE INVESTMENT, FOOD PRICE, WHOLESALE PRICE, FOREIGN EXCHANGE RESERVES, INFLATION, TOTAL EXTERNAL DEBT, CONSUMER PRICES, EMERGING MARKET, FISCAL DEFICIT, INFORMATION TECHNOLOGY, WEAK DEMAND, REPO RATE, EXPORT GROWTH, IMPORT, COMPETITIVENESS, PORTFOLIO INFLOWS, SUPPLY RESPONSE, CONSUMER PRICE INDEX, CREDIT GROWTH, BONDS, PUBLIC SPENDING, TRADE DEFICITS, WITHDRAWAL, GOVERNMENT BUDGET, HIGH INFLATION, EMERGING MARKETS, PRICE INCREASES, REPO, BANK ACCOUNTS, MERCHANDISE, SHORT-TERM DEBT, RATE OF INFLATION, BALANCE OF PAYMENTS, DEMAND GROWTH, AUCTION, PRICE WARS, GLOBAL ECONOMY, DEREGULATION, CAPITAL OUTFLOW, MONETARY POLICY, TAX COLLECTIONS, PRIVATE EQUITY, LONG-TERM INVESTMENT, SLOWDOWN, LIQUIDITY, STRUCTURAL CHANGE, FISCAL DEFICITS, DEVELOPMENT POLICY, PUBLIC DEBT, INTEREST PAYMENTS, WORKING CAPITAL, DOMESTIC CREDIT, ECONOMIC CONDITIONS, AUCTIONS, CONSUMER PRICE INFLATION, FIXED CAPITAL, PORTFOLIO INVESTMENT, CONSUMERS, GROSS NATIONAL SAVINGS, MARKET PRICES, RETAIL PRICES, HEDGE FUNDS, ADVANCED ECONOMIES, INVESTMENT PROJECTS, SURPLUS, WTO, GDP, CENTRAL GOVERNMENT DEBT, TRADE BALANCE, MACROECONOMIC STABILITY, BASE YEAR, PORTFOLIO, DISTORTIONS, NATIONAL SAVINGS, CONSOLIDATION, INCOME TAX, WHOLESALE PRICE INDEX, DEBT ISSUES, POLICY CREDIBILITY, CURRENT ACCOUNT BALANCE, FINANCIAL SYSTEM, MONETARY AGGREGATES, MARKET FORCES, MERCHANDISE EXPORTS, EQUIPMENT, TELECOMMUNICATIONS, CURRENCY, SPREAD, INFLATION RATES, CAPITAL ACCOUNT, DOMESTIC DEMAND, CAPITAL GOODS, MERGERS, EQUITY MARKET, EXTERNAL BORROWING, COMMODITY PRICES, BANK CREDIT, DEVELOPING COUNTRIES, DURABLES, INFLATION RISKS, REAL GDP, MARKET SHARE, EMERGING MARKET ECONOMIES, PROFIT MARGINS, REAL APPRECIATION, SALES, DEVELOPMENT BANK, FOREIGN INVESTMENT, GOVERNMENT BUDGET DEFICIT, MARKET INFRASTRUCTURE, TRADING, TOTAL IMPORTS, INFLATION EXPECTATIONS, CAPITAL FORMATION, MAJOR CURRENCIES, LOCAL CURRENCY, VOLATILITY, INTERNATIONAL PRICES, CAPITAL FLOWS, TAX, FOREIGN INVESTORS, GLOBAL FINANCIAL SYSTEM, ECONOMIC GROWTH, GOVERNMENT DEBT, DEPRECIATION, EXTERNAL COMMERCIAL BORROWINGS, RETAILING, STOCKS, TOTAL REVENUE, DOMESTIC MARKET, SAFETY NETS, INVESTING, SALE, FINANCIAL CRISIS, FOOD PRICES, INFLATION RATE, LEVEL OF INFLATION, RESERVES, TREATY, SUPPLY SHOCKS, FOREIGN DIRECT INVESTMENT, INVENTORIES, GOVERNMENT BANK, INTERMEDIATE GOODS, PORTFOLIO INVESTMENTS, SURPLUSES, TRADE DEFICIT, WAGES, PRICING POLICY, EXTERNAL DEBT, GOLD, SUPPLY CONDITIONS, SUPPLY DISRUPTIONS, SAFETY NET, INTEREST RATE DIFFERENTIAL, SHORT-TERM CAPITAL, REAL INTEREST, CONSUMER PRICE, CUSTOMS DUTIES, ADMINISTERED PRICES, MARKETING, RESERVE BANK, CENTRAL BANK, RETURN, AGRICULTURE, PRIVATE CONSUMPTION, DOMESTIC DEBT, M1, INVESTMENT CLIMATE, MACROECONOMIC POLICIES, M3, M2, DEFICITS, MONEY SUPPLY, FOREIGN EXCHANGE, ACCOUNTING, LIBERALIZATION, PEGS, AGGREGATE DEMAND, REMITTANCES, MARKET PENETRATION, REAL INTEREST RATES, SUPPLIERS, GOVERNMENT FINANCES, OIL PRICES, RESERVE, ENERGY PRICES, RETAIL TRADE, SUPPLY CHAIN, GLOBAL LIQUIDITY, ECONOMIC DEVELOPMENTS, CURRENT ACCOUNT, TOTAL EXPORTS, DOUBLE TAXATION, SHORT-TERM EXTERNAL DEBT, DOLLAR PRICES, MARKET STABILIZATION, COMMERCE, EXPENDITURES, IMPORTS, GROWTH RATE, MACROECONOMIC POLICY, EXTERNAL COMMERCIAL BORROWING, REPO RATES, CORE INFLATION, INFLATIONARY EXPECTATIONS, DAMAGES, FISCAL POLICIES, MERCHANDISE TRADE, MONETARY POLICY DECISIONS, CONSUMPTION GROWTH, CEREAL PRICES, BILL, GOVERNMENT DEFICIT, TRADE RESTRICTIONS, TAX RULES, INTEREST RATE EXPECTATIONS, DEBT BURDEN, ADVERSE EFFECTS, CAPITAL INFLOWS, PETROLEUM PRICES, MARKET SHARES, RETAIL, CHECKS, CURRENT ACCOUNT DEFICIT, ECONOMIC RESEARCH, INTEREST RATE, FOREIGN RESERVES, EXPENDITURE, DEVELOPMENT POLICIES
Abstract

In fiscal year 2010-11, India's economy has expanded at a rate close to that observed prior to the global financial crisis. However, growth in the second half of the year slowed, and the performance of industry and investment has been particularly disappointing. Despite some fiscal consolidation and monetary tightening, inflation has emerged as a serious concern because of its effects on the poor, who are usually less able to protect themselves against rising prices, and because of its dampening effects on long-term investment, which is sensitive to interest rate expectations. India's economic growth reached 8.5 percent, helped by a strong rebound of the agriculture sector because of good rains in the 2010 monsoon season against the near-drought conditions of 2009. On the external side, exports staged an extraordinary recovery and the current account deficit narrowed, while capital flows slowed driven by a pronounced decline in foreign direct investment. Foreign institutional investment remained robust, however, and external borrowing increased to compensate partially for the decline in Foreign Direct Investment (FDI). The rupee remained stable against the U.S. dollar but showed a small real appreciation against a 36-currency trade weighted index, and Reserve Bank of India foreign reserves increased to more than $310 billion. The central government budget deficit for FY2010-11 is estimated to have reached 6 percent of Gross Domestic Product (GDP), an important contraction from the widened fiscal stance of FY2009-10. Budget implementation benefited from higher-than-expected growth in nominal GDP and related higher tax intake; although the tax-to-GDP ratio is still significantly lower than in FY2007-08. The spending-to-GDP ratio, on the other hand, was reduced by 0.7 percent of GDP despite two supplementary demands for grants.

Published
2011

3. Bangladesh Economic Update, April 2011

Author

World Bank

Subjects
BANK POLICY, ECONOMIC PERFORMANCE, GROWTH RATES, TAX, FOREIGN INVESTORS, BANKING SYSTEM, STOCK MARKET, FOOD SUBSIDIES, PRIVATE INVESTMENT, FOOD PRICE, INFLATIONARY PRESSURES, FOREIGN EXCHANGE RESERVES, RATES OF INTEREST, INFRASTRUCTURE PROJECT, OVERDRAFT, COMMODITY, INFLATION, CONSUMER PRICES, FISCAL DEFICIT, MONEY GROWTH, OPEN MARKET, STOCKS, DOMESTIC MARKET, BROAD MONEY, BANK LENDING, FAIR, REPO RATE, BENEFICIARIES, INCOME, EXPORT GROWTH, STOCK INDEX, ECONOMIC CRISIS, FOOD PRICES, PUBLIC-PRIVATE PARTNERSHIPS, CONSUMER PRICE INDEX, CREDIT GROWTH, DEMAND FOR FOOD, PLEDGES, RESERVES, GOOD FAITH, GRAIN PRODUCTION, TRANSPARENCY, PRICE INCREASES, REPO, MIGRANT WORKERS, PRIVATE SECTOR CREDIT, STOCK PRICE, BALANCE OF PAYMENTS, SOVEREIGN DEBT, SUGAR, INTERMEDIATE GOODS, REMITTANCE, BUSINESS ASSOCIATIONS, INTERNATIONAL MARKETS, MIGRANT LABOR, GLOBAL ECONOMY, OVERDRAFT LOANS, INFRASTRUCTURE FINANCE, FOOD GRAINS, FOOD IMPORTS, STOCK EXCHANGE, BASIS POINTS, TEA, MONETARY POLICY, MERCHANT, LIQUIDITY, INTEREST RATES, PRICE INCREASE, CONSUMER PRICE, FROZEN FOOD, PUBLIC DEBT, BANKING SECTOR, REGULATORY AUTHORITY, INTEREST RATE CAP, BUDGET DEFICIT, FOOD FOR WORK, CONSUMPTION EXPENDITURES, LOCAL MARKET, CONSUMPTION EXPENDITURE, RESERVE REQUIREMENT, POLICY RESPONSES, INFLATION INDEX, INVESTMENT CLIMATE, DEVELOPING ECONOMIES, ADVANCED ECONOMIES, MICROCREDIT, STOCK MARKET VOLATILITY, MUTUAL FUND, PHONE NETWORK, FOREIGN EXCHANGE, PUBLIC-PRIVATE PARTNERSHIP, PUBLIC STOCK, ACCOUNTING, EXPORT CREDITS, VULNERABLE GROUP, REMITTANCES, FOOD SECURITY, BUDGETARY ALLOCATION, CURRENT ACCOUNT BALANCE, FINANCIAL ACCOUNT, VILLAGE, STORAGE CAPACITY, OUTPUT, OIL PRICES, RESERVE, PRICE TRENDS, EXCHANGE RATE, FINANCIAL INSTITUTIONS, DATES, INSURANCE, RETAIL TRADE, TELECOMMUNICATIONS, HOUSEHOLDS, REGULATOR, FOOD SUBSIDY, ECONOMIC DEVELOPMENTS, CURRENT ACCOUNT, STOCK TRADING, AGRICULTURAL SECTOR, FOREIGN EXCHANGE MARKET, FOOD RESOURCES, UNION, HYPOTHECATIONS, MICROFINANCE INSTITUTIONS, WHEAT, POLICY RESPONSE, MOBILE PHONE, LOAN, COMMODITY PRICES, EXPENDITURES, CURRENT ACCOUNT SURPLUS, GROWTH RATE, MACROECONOMIC POLICY, DEVELOPING COUNTRIES, FOOD DISTRIBUTION, COMMERCIAL BANKS, NONPERFORMING LOANS, REPO RATES, MICROFINANCE, EXPOSURE, PUBLIC STOCKS, REPAYMENT, SALES, CREDIT SOURCE, ISSUANCE, REGULATORS, AGRICULTURAL PRODUCTS, MONEY TRANSFER, CORRUPTION, REFUGEE, REPAYMENT PERIOD, SAVINGS, PUBLIC INVESTMENT, RETAIL, URBAN AREAS, FAIR PRICE, FORMAL BANKING, INTEREST RATE, CASH RESERVE, EXPENDITURE, INFRASTRUCTURE PROJECTS
Abstract

The outlook for FY2011 has changed since the last macroeconomic update in October 2010.1 While gross development product (GDP) growths is still projected to be around 6.2 percent in FY11, inflationary pressures have strengthened and the external position has weakened. Rising energy and food subsidies are placing a strain on the budget, but higher-than-anticipated revenues and lower-than-budgeted Annual Development Program expenditures leave sufficient fiscal space for the government to react to these pressures. Progress on reforms is mixed, with advances made on Value Added Tax reforms, efforts to tighten liquidity and setting up a framework for public-private partnership projects. Developments on telecommunication policy, the Anticorruption Commission, and policy responses to stock market volatility are a cause for concern. The growth outlook for FY12 remains good but there are risks that need to be contained. Short-term risks include rising food and fuel prices, deteriorating remittances, an increased reserve drawdown, a growing quasi-fiscal deficit, stock market volatility and its potential impact on the banking sector. Long-term risks include the inability to sufficiently alleviate power shortages, raise public investment, and remove bottlenecks for private investment.

Published
2011

4. India Economic Update, June 2010

Author

World Bank

Subjects
EMERGING MARKET COUNTRIES, TOTAL DEBT, PRIVATE INVESTMENT, INFLATIONARY PRESSURES, FOREIGN EXCHANGE RESERVES, DEPOSIT, INFLATION, EMERGING MARKET, FISCAL DEFICIT, REPO RATE, PRICE STABILITY, UNEMPLOYMENT, EXPORT GROWTH, REAL INTEREST RATE, CONVERTIBLE BONDS, COMPETITIVENESS, RETURNS, VALUATION CHANGES, CONSUMER PRICE INDEX, CREDIT GROWTH, BONDS, PER CAPITA INCOME, DEBT RATIOS, PUBLIC FINANCES, GOVERNMENT BUDGET, WHOLESALE PRICES, TRANSPARENCY, REAL EXCHANGE RATE, EMERGING MARKETS, PRICE INCREASES, REPO, PENSIONS, EMERGING ECONOMIES, DEPOSITS, INVESTMENTS IN EQUITIES, INTERNATIONAL FINANCE, EXCESS DEMAND, GLOBAL ECONOMY, FIXED INCOME, BASIS POINTS, BANK INTEREST RATES, ELASTICITY, MONETARY POLICY, INDUSTRIALIZATION, LIQUIDITY, INTEREST RATES, PUBLIC DEBT, PUBLIC SECTOR BANKS, ARREARS, INTEREST PAYMENTS, PORTFOLIO DIVERSIFICATION, DOMESTIC CREDIT, PER CAPITA INCOMES, AUCTIONS, BUDGET DEFICIT, CAPITAL MARKET LIBERALIZATION, FIXED CAPITAL, PORTFOLIO INVESTMENT, PRODUCTIVITY GROWTH, CONSUMERS, MARKET PRICES, FULL EMPLOYMENT, ECONOMIC INTEGRATION, GDP, PORTFOLIO FLOWS, INFLATIONARY PRESSURE, INTERNATIONAL FINANCIAL CRISES, DEPOSIT ACCOUNT, PORTFOLIO, NATIONAL SAVINGS, GOVERNMENT REVENUES, INCOME TAX, EXPORTS, WHOLESALE PRICE INDEX, MARKET SIZE, FIXED INCOME SECURITIES, FINANCIAL CRISES, FINANCIAL SYSTEM, FISCAL POLICY, EXCHANGE RATE, FINANCIAL INSTITUTIONS, GOVERNMENT ACCOUNTING SYSTEM, DEBT RELIEF, CURRENCY, ECONOMIC POLICIES, RURAL COOPERATIVE BANKS, ECONOMIC SURVEYS, PREPAYMENT, INFLATION RATES, CAPITAL ACCOUNT, FOREIGN INVESTMENTS, FOREIGN EXCHANGE MARKET, DIRECT INVESTMENT, EQUITY MARKET, EXTERNAL BORROWING, CONFIDENCE INDEX, DEBT CRISIS, COMMODITY PRICES, BANK CREDIT, DEVELOPING COUNTRIES, MATURITY, IMPLICIT SUBSIDIES, REAL GDP, MICROFINANCE, CENTRAL BANKS, EMERGING MARKET ECONOMIES, DEVELOPMENT BANK, FOREIGN INVESTMENT, LOW INTEREST RATES, TRADING, CASH RESERVE RATIO, CAPITAL FORMATION, PROFIT MARGIN, ECONOMIES OF SCALE, CASH TRANSFER, DEPOSITORS, CASH RESERVE, INTERNATIONAL CAPITAL, TRANSACTION, ECONOMIC PERFORMANCE, CAPITAL FLOWS, VALUATION, MATURITY STRUCTURE, TAX, FOREIGN INVESTORS, BANKING SYSTEM, STOCK MARKET, DEVELOPING COUNTRY, RURAL BANKS, GOVERNMENT DEBT, FINANCIAL ASSETS, BRANCH NETWORK, INTERNATIONAL SETTLEMENTS, OPEN MARKET, STOCKS, DOMESTIC MARKET, EXCESS LIQUIDITY, RISK AVERSION, INFRASTRUCTURE INVESTMENT, INVESTING, INVESTMENT FLOWS, FINANCIAL CRISIS, INFLATION RATE, BANK BRANCH, GOVERNMENT BONDS, PRODUCTION COSTS, RESERVES, CAPACITY CONSTRAINTS, TAX COLLECTION, DEBT CRISES, CONSUMPTION SMOOTHING, COMPENSATION FUND, INVENTORIES, GOVERNMENT BANK, CONSUMER DURABLES, PORTFOLIO INVESTMENTS, INTERNATIONAL MARKETS, WAGES, DEVELOPMENT FINANCE, EXTERNAL DEBT, SHORT-TERM CAPITAL, DEBT INSTRUMENTS, REAL INTEREST, PROVISION OF CREDIT, COMMODITY PRICE, EXCISE TAXES, RESERVE BANK, FINANCIAL MANAGEMENT, RETURN, AGRICULTURE, NATIONAL BANK, CAPITAL OUTFLOWS, MACROECONOMIC POLICIES, M3, CAPITAL MARKET, FISCAL DISCIPLINE, END USE, CREDIBILITY, MACROECONOMIC MANAGEMENT, DEFICITS, MONEY SUPPLY, FOREIGN EXCHANGE, ACCOUNTING, CAPITAL GROWTH, GLOBAL TRADE, AGGREGATE DEMAND, LEVEL OF DEBT, REAL INTEREST RATES, GOVERNMENT FINANCES, OIL PRICES, RESERVE, FINANCIAL STABILITY, HUMAN CAPITAL, CAPITAL ACCOUNT LIBERALIZATION, GOVERNMENT EXPENDITURE, HOLDINGS, MARKET PRICE, MICROFINANCE INSTITUTIONS, ADVERSE CONSEQUENCES, GOVERNMENT SPENDING, AGRICULTURAL OUTPUT, EXPENDITURES, GROWTH RATE, EXTERNAL COMMERCIAL BORROWING, REPO RATES, INFLATIONARY EXPECTATIONS, FISCAL POLICIES, OIL PRICE, TRADE CREDITS, GOVERNMENT DEFICIT, CONFIDENCE INDICES, STATISTICAL ANALYSIS, HOUSEHOLD SAVINGS, HOME MARKET, NATURAL RESOURCES, INVESTMENT PORTFOLIO, CAPITAL INFLOWS, CONSUMER GOODS, CURRENT ACCOUNT DEFICIT, FOREIGN CURRENCY, EXPENDITURE, BUYBACKS
Abstract

India's economic performance in FY2009/10 shows that the recovery from the slowdown during the global financial crisis is well underway. India's Gross domestic Product (GDP) growth in FY2009/10 has beaten expectations by reaching 7.4 percent compared with 6.7 percent in the previous year. In particular, agricultural sector growth was better than feared with a slightly positive growth rate despite the worst monsoon shortfall in three decades. Strong growth in the fourth quarter pushed annual GDP growth to 7.4 percent in 2009-10. Fourth quarter growth reached 8.6 percent (y-o-y), the highest quarterly growth rate since the end of FY2007/08. The industrial sector's robust recovery beat expectations. Growth in the last quarter of fiscal year FY2009/10 was an unexpectedly high 13.3 percent resulting in over 12 percent growth in the second half of year, nearly double the 6 percent growth witnessed in the first half. Higher inflation mars the bright picture, but there are clear indications of moderation. Inflation as measured by the wholesale price index (WPI) averaged 10 percent during February-May 2010. India's recovery after the slowdown seems well underway. Growth is projected to climb to 8-9 percent in the next two years. These growth rates are achievable without a renewed build-up of inflationary pressure as long as agricultural growth returns to trend, infrastructure constraints are alleviated, and international prices remain stable. Over the next year, sources of growth will shift from fiscal stimulus to manufacturing and, possibly a recovering agriculture.

Published
2010

5. Repo Markets : Background Note

Author

World Bank

Subjects
REPO TRANSACTION, RETAIL INVESTORS, TAX PROVISIONS, RESERVE REQUIREMENTS, EMERGING MARKET COUNTRIES, INVESTMENT, GLOBAL MARKET, BOND DEFAULTS, SALE OF SECURITIES, DEPOSIT, COLLATERAL RISK, LIQUIDATION, EMERGING MARKET, MONEY MARKETS, SECURITIES DEALER, EQUITIES, MARKET PRACTICES, REPO RATE, FEDERAL RESERVE, SECONDARY MARKET LIQUIDITY, LEGAL TRADITIONS, STOCK, REPO AGREEMENTS, INVESTORS, COLLATERAL, COUPONS, MARK-TO-MARKET, BONDS, TRANSACTIONS, MARKET ENVIRONMENT, RISK FACTORS, CREDIT LINES, DEBT MANAGEMENT AGENCY, BROKER, REPO TRANSACTIONS, INTERESTS, TRANSPARENCY, EMERGING MARKETS, REPO, FINANCIAL MARKETS, STATUTORY LAW, INSTITUTIONAL INVESTORS, HOLDING, BORROWERS, LEGAL TRANSACTIONS, DEPOSITS, USE OF REPO, MARKETS, CREDITORS, BID, PROPERTY RIGHTS, DOMESTIC MARKETS, FIXED INCOME, SWAPS, SETTLEMENT SERVICES, OVERNIGHT REPOS, SWAP, MONETARY POLICY, LIQUIDITY, INTEREST RATES, CREDIT RISK, CUSTODY ARRANGEMENTS, CASH MANAGEMENT, MARKET, PROPERTY, FIXED INCOME MARKETS, CENTRAL DEPOSITORY, SECURITIES EXCHANGE, LOCAL MARKET, LIQUIDITY RISKS, USE OF REPOS, EFFICIENT MARKET, MARKET PRICES, COLLATERALIZATION, DEPOSITORY INSTITUTION, MUTUAL FUND, MARKET COUNTRIES, PORTFOLIO, CREDIT RISK EXPOSURES, BANKRUPTCY, LEGAL SYSTEM, LENDER, SECURITY, MARKET PARTICIPANTS, DERIVATIVES, CAPITAL MARKETS, REPOS, CREDITWORTHINESS, SECURITIES MARKETS, CONTRACT LAW, RISK EXPOSURES, SECONDARY MARKET, MARKET PARTICIPANT, LIABILITY, GOOD, REPO AGREEMENT, BOND MARKET, CURRENCY, BOND, GOVERNMENT SECURITIES, ASSET MANAGERS, EQUITY MARKET, BANKRUPTCY COURT, LOAN, MARKET PLAYERS, MUTUAL FUNDS, REINVESTMENT, FINANCIAL DEVELOPMENT, SECURITIES, MATURITY, FUTURE, LIQUID ASSET, BUY BACK, LIABILITY MANAGEMENT, CENTRAL BANKS, CONTRACTS, INVESTOR, MARKET INFRASTRUCTURE, COUPON PAYMENT, TRADING, GOVERNMENT DEBT MARKET, LEGAL ENVIRONMENT, T-BILL, LIQUIDITY RISK, GOVERNMENT BOND MARKET, CENTRAL DEPOSITORIES, LOCAL CURRENCY, SECONDARY MARKET ACTIVITY, GOVERNMENT DEBT MARKETS, RISK EXPOSURE, TRANSACTION, GOVERNMENT PAPER, VALUATION, TAX, INVENTORY, GOVERNMENT DEBT, CASH BALANCES, CUSTODY, SOVEREIGN ISSUERS, DEBT INSTRUMENT, OPEN MARKET, MATURITIES, CREDITOR, DOMESTIC MARKET, SECURITIES HOLDINGS, LENDING, BANK PAYMENT, INSTRUMENT, BANK INVESTORS, MARKET PRACTITIONERS, FIXED INCOME MARKET, SECURITY INTEREST, DEBT MARKET, GOVERNMENT BONDS, PLEDGES, MARKET LIQUIDITY, LOANS, DIRTY PRICE, SETTLEMENT, RISK MANAGEMENT, CHECK, FACE AMOUNT, PAYMENT SYSTEM, BOOK-ENTRY, EXCHANGES, INVENTORIES, BORROWER, PRIMARY DEALERS, MARKET STRUCTURE, FINANCE, DEBT MARKETS, INTERNATIONAL MARKETS, INTERNATIONAL BOND, STOCK EXCHANGE, COMMON LAW, MARKET VALUE, DEBT INSTRUMENTS, DEFAULTS, ACCEPTABLE COLLATERAL, T-BILLS, INSTRUMENTS, INTEREST RATE RISK, DEBT, INDIVIDUAL CREDITORS, CREDIT LINE, BOND MARKETS, MARKET TRANSPARENCY, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, TREASURIES, CAPITAL ADEQUACY, CENTRAL BANK, RETURN, CLEAN PRICE, MARKET DISCIPLINE, COUPON, NATIONAL BANK, JUDICIAL SALE, REPO MARKET, PRIMARY MARKET, BANKRUPTCY COURTS, CAPITAL MARKET, CDS, REINVESTMENT RATE, RETAIL INVESTOR, TREASURY SECURITIES, COUPON PAYMENTS, EXCHANGE, ACCOUNTING, PORTFOLIOS, DEPOSIT ACCOUNTS, VALUATIONS, MARKET DEVELOPMENT, DEBT MARKET DEVELOPMENT, LOCAL MARKETS, ARBITRAGE, LOAN MARKET, RESERVE, PRIVATE INVESTORS, TURNOVER, HOLDINGS, EQUITY, TREASURY, RISK CONTROL, GOVERNMENT BOND, MARKET CONDITIONS, MARKET PRICE, PRICE VOLATILITY, DEFAULT, DEBT MANAGEMENT, MONEY MARKET, SECURITY INTERESTS, REPO MARKETS, REPO RATES, CONTRACT, MARKET PRACTICE, MARKET RISK, INTEREST, FINANCIAL COLLATERAL, LEGAL FRAMEWORK, CASH FLOWS, CIVIL CODE, OVERNIGHT REPO, INTERNATIONAL BOND MARKET, CIVIL LAW, SHARE, INTEREST RATE, FOREIGN CURRENCY, BANKRUPTCY LAW, YIELD CURVE
Abstract

Repo markets are an essential component of liquid Government debt markets, acting as a transmission belt between money and debt markets, as well as serving to conduct key functions for the efficient operation of debt markets. These include, among others, credit risk management, funding debt portfolios, playing the yield curve, and covering short positions and settlement fails. The hybrid nature of a repo between a collateralized loan and a full transfer of ownership makes it a very versatile instrument for a broad range of market participants with very different business models. However, this is at the same time the reason for its complexity. This note addresses the legal, structural, accounting, tax, regulatory and infrastructure factors that are decisive for repo market development. The legal and infrastructure factors that underpin repo markets functionality are evolving ones and may be different depending on the country. The perspective adopted in this note intends to provide a balanced account of both the conceptual issues in each topic and relevant country cases, with the objective of providing policy makers with analytical tools to address their country specific context.

Published
2010

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