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International Monetary Fund. European Dept.

Abstract

This chapter was prepared by a staff team composed of Vizhdan Boranova, Kamil Dybczak, and Sylwia Nowak, with input from Raju Huidrom and Nemanja Jovanovic. The team was led by Emil Stavrev under the general guidance of Jörg Decressin. Laura Papi provided useful advice and comments. Nomelie Veluz provided administrative support. The chapter reflects data and developments as of October 15, 2018.

International Monetary Fund. Western Hemisphere Dept.

Abstract

After slowing in the second half of 2011, global growth is stabilizing. Policy action in Europe and better-than-anticipated U.S. economic performance have eased market strains and revived capital flows to emerging economies, although conditions remain volatile. Downside risks continue to dominate the outlook, given still-fragile public and financial sector balance sheets in many advanced economies. Nevertheless, the global environment under our baseline—easy financing conditions and high commodity prices—remains stimulative for much of Latin America.

International Monetary Fund. European Dept.

Abstract

This chapter was prepared by an IMF staff team composed of Cheikh Anta Gueye, Marco Arena, Tingyun Chen, Seung Mo Choi, Nan Geng, Tonny Lybek, and Evan Papageorgiou. The team was led by Tomas Dorsey and Cheikh Anta Gueye under the overall guidance of Jörg Decressin and Enrica Detragiache. Laura Papi provided useful advice and comments. Hannah Jung and Nomelie Veluz provided administrative support.

International Monetary Fund. Western Hemisphere Dept.

Abstract

Growth in much of Latin America remains solid, although it slowed during the second half of 2011 under the combined effects of policy tightening and global uncertainties. However, many countries are still operating near or above potential, and global financial conditions and commodity prices remain stimulative. In this context, countries should continue to rebuild buffers, to regain fiscal space, preserve hard-won fiscal credibility, and increase monetary policy flexibility. Monetary policy, meanwhile, should shift into neutral and serve as a first line of defense in a downside scenario, complemented by macroprudential policies to address financial excesses.