By World Bank
ISBN-10: 0821349961
ISBN-13: 9780821349960
This year's 'Global monetary customers' argues for reshaping the worldwide structure of global alternate to advertise improvement and poverty relief. The document specializes in 4 coverage parts: • utilizing the WTO ministerial to release a "development around" of exchange negotiations that will decrease worldwide exchange boundaries. • accomplishing international collective motion to advertise alternate outdoor the negotiating framework of the WTO. • Adopting pro-trade improvement rules of high-income international locations unilaterally. • Enacting new alternate reform in constructing international locations. The record contends that the guidelines instructed in those 4 components may reshape the worldwide alternate structure in a manner that may improve the clients of constructing international locations and decrease global poverty. whereas the main most likely situation is for restoration starting in 2002, present day gradual progress of world exchange and weakening monetary flows to all however the so much creditworthy nations, has impeded development in constructing nations. 'Global monetary customers 2002' concludes that the long term promise of well-implemented exchange reform is consequently tangible: an international with a miles greater lifestyle, countless numbers of thousands lifted out of poverty, and a pointy raise in youngsters dwelling past their 5th birthday to turn into effective voters of the realm.
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Additional resources for Global Economic Prospects and the Developing Countries, 2002
Example text
South Asia (SAS) is expected to experience a less pronounced cycle, as the region is relatively less integrated with the global economy. 5 percent in 2001 corresponds with the 1997 low registered by the region. (See appendix 1 for more detailed discussion of the regions). 12). Financial conditions are discriminating factors that potentially even reverse the sign of the impact. In the early 1980s, the developing countries followed the industrial countries into recession; after the second oil crisis the industrial countries tightened monetary policy to bring inflation under control.
12 Industrial- and developing-country GDP growth, 1981–2003 (percent change) 6 Developing excluding transition 5 4 Industrial 3 2 1 0 1981 1984 1987 1990 1993 1996 1999 2002 2003 Source: World Bank data; Economic Policy and Prospects Group projections. trial world pursued an accommodative and more predictable monetary policy. Encouraged by major reforms in developing countries— including the opening up of capital markets— international capital diversified away from industrial country markets and found its way to those developing countries that undertook major reforms.
Consumer demand, put on hold after September 11, is expected to lead the recovery—if somewhat delayed. In Japan, there is no effective scope for monetary easing through interest rate cuts. Financial problems will continue to weigh heavily upon the Japanese economy, though a return to moderate positive growth in 2003 is expected with revival of world trade. In the medium term, prospects for industrial countries remain favorable. Low inflation and improved structural policies in most industrial countries have created an environment in which the potential benefits from investment in technology can be reaped once the cyclical downturn has reversed.