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Abstract
The COVID-19 pandemic has caused dramatic loss of human life and major damage to the European economy, but thanks to an exceptionally strong policy response, potentially devastating outcomes have been avoided.
Abstract
Sub-Saharan Africa is facing an unprecedented health and economic crisis that threatens to throw the region off its stride, reversing the encouraging development progress of recent years. Furthermore, by exacting a heavy human toll, upending livelihoods, and damaging business and government balance sheets, the crisis threatens to retard the region’s growth prospects in the years to come. Previous crises tended to impact affect countries in the region differentially, but no country will be spared this time.
Abstract
The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR. Medium-term risks are still elevated as financial vulnerabilities, which have built up during the years of accommodative policies, could mean a bumpy road ahead and put growth at risk. This GFSR also examines the short- and medium-term implications for downside risks to growth and financial stability of the riskiness of corporate credit allocation. It documents the cyclical nature of the riskiness of corporate credit allocation at the global and country levels and its sensitivity to financial conditions, lending standards, and policy and institutional settings. Another chapter analyzes whether and how house prices move in tandem across countries and major cities around the world—that is, global house price synchronicity.
Abstract
Oil exporters in the Middle East and North Africa, Afghanistan, and Pakistan region (MENAP) are continuing to adjust to lower oil prices, which have dampened growth and contributed to large fiscal and external deficits.
Abstract
La actividad económica en Estados Unidos ha mejorado gracias al impulso del consumo y ha dado un primer paso hacia una normalización gradual de las tasas de interés. La recuperación en Estados Unidos continúa respaldando la actividad en México, América Central y el Caribe, pero la desaceleración en China ha sido perjudicial para la demanda de exportaciones de América del Sur. Al mismo tiempo, los exportadores de materias primas de la región han experimentado nuevos shocks en los términos de intercambio conforme los precios de las materias primas han seguido bajando a escala mundial. En este informe se describen las polÃticas y las reformas económicas necesarias para abordar la decreciente capacidad productiva en América Latina y el Caribe. En tres capÃtulos se evalúan, respectivamente, las vulnerabilidades en América Latina, el grado de traspaso de los tipos de cambio en la región y las tendencias de la inversión pública y privada en infraestructura.
Abstract
The United States has seen an improvement in economic activity, driven by consumption, and has taken a first step toward gradual normalization of interest rates. The U.S. recovery continues to support activity in Mexico, Central America, and the Caribbean, but China’s slowdown has reduced the demand for exports from South America. At the same time, the region’s commodity exporters have experienced further terms-of-trade shocks as commodity prices continue their decline globally. This report describes the policies and economic reforms needed to address the declining productive capacity in Latin America and the Caribbean. Three chapters assess corporate vulnerabilities in Latin America, analyze the degree of exchange rate pass-through in the region, and evaluate trends in public and private infrastructure investment.
Abstract
La croissance économique de l’Afrique subsaharienne devrait rester vigoureuse, grâce à l’investissement dans les infrastructures et à une abondante production agricole. En Guinée, au Libéria et en Sierra Leone, l’épidémie de fièvre Ébola a de lourdes conséquences, avec des répercussions dans les pays adjacents. Les risques externes pesant sur les perspectives globalement positives pour la région ont trait aux conditions financières mondiales et à un ralentissement de la croissance des pays émergents.
Abstract
Growth in much of Sub-Saharan Africa is expected to remain strong, driven by efforts to invest in infrastructure and strong agricultural production. The current Ebola outbreak in Guinea, Liberia, and Sierra Leone is exacting a heavy toll, with spillovers to neighboring countries. External threats to the region's overall positive outlook include global financial conditions and a slowdown in emerging market growth.
Abstract
Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems. The April 2011 Global Financial Stability Report highlights how risks have changed over the past six months, traces the sources and channels of financial distress with an emphasis on sovereign risk, notes the pressures arising from capital inflows in emerging economies, and discusses policy proposals under consideration to mend the global financial system.