Staff Position Notes (SPNs) showcase new policy-related analysis and research by IMF departments. These notes are generally brief, written in nontechnical language, and are aimed at a broad audience interested in economic policy issues, including staff involved in mission work, members of the Executive Board, and persons outside the Fund. This series replaced the Policy Discussion Papers series at the end of 2008. Most SPNs are around 25 pages, allowing for only a couple of simple equations and several tables and charts, which distinguishes them from the longer, and generally more technical, Working Papers.
Johannes Mueller, Irene Yackovlev, and Hans Weisfeld
INTERNATIONAL MONETARY FUND
Most WAEMU countries are likely to see economic growth deteriorate over the next two
years as a result of the global economic crisis, and some WAEMU countries will be more
severely affected by the crisis than others. This could have a detrimental effect on efforts to
reduce poverty. Deteriorating remittances and commodity export prices are projected to
negatively affect the WAEMU countries' external current account deficit and reserves,
although the impact should be cushioned by positive terms-of-trade shocks, such as declining
import prices for food and fuel products. These developments should also help lower
inflation pressures, bringing WAEMU inflation closer to its historical level of about
2 percent by 2010.