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International Monetary Fund. Asia and Pacific Dept

Although real GDP growth has slowed down, Malaysia is still among the fastest growing economies at its income level. The economy's resilience, amidst global commodity price and financial market volatility, reflected a diversified production and export base; strong balance sheet positions; a flexible exchange rate; responsive macroeconomic policies; and deep financial markets. However, the authorities continue to face a challenging environment, given continued global uncertainty, which complicates the calibration of near-term macroeconomic policies.

International Monetary Fund. External Relations Dept.

On March 18, IMF Managing Director Michel Camdessus addressed a conference in Abuja, Nigeria, entitled “Nigeria: The Way Forward,” in which he described the IMF’s perspective on supporting Nigeria’s economic recovery. Following are edited excerpts of his remarks.

International Monetary Fund. External Relations Dept.
'Commodity Boom: How Long Will It Last?' asks how economies will fare after the record-high prices of key raw materials posted in recent months, which build on dramatic increases from their lows of 2000. The lead article warns that the impact on headline inflation levels might persist throughout 2008, even without further commodity price hikes. It urges policymakers to ensure efficient functioning of market forces at the global level, and to move swiftly to protect the poorest. Another article addresses the effects of climate change on agriculture, warning that farm production will fall dramatically—especially in developing countries—if steps are not taken to curb carbon emissions. Other articles on this theme argue that policies to reduce greenhouse gas emissions need not hobble economies, and that financial markets can help address climate change. 'People in Economics' profiles John Taylor; 'Picture This' says the global energy system is on an increasingly unsustainable path; 'Country Focus' spotlights South Africa; and 'Straight Talk' examines early warnings provided by credit derivatives. Also in this issue, articles examine China's increasing economic engagement with Africa, and the outsourcing of service jobs to other countries.
International Monetary Fund. External Relations Dept.
Ce numéro, intitulé « Boom des matières premières : pour combien de temps encore ? », pose la question suivante : comment l'économie va-t-elle évoluer après le niveau record des prix des matières premières observées au cours des derniers mois, qui accumulent des augmentations très éloignées des niveaux faibles des premières années de la décennie ? L'article principal met en garde contre la possibilité que les retombées pour les taux d'inflation pourraient persister tout au long de l'année 2008, même en l'absence de nouvelle hausse des prix des matières premières. Il exhorte les dirigeants à veiller au bon fonctionnement des forces du marché à l'échelle mondiale, et à prendre sans tarder des mesures pour protéger les populations les plus pauvres. Un autre article s'intéresse aux effets du changement climatique sur l'agriculture, et averti que la productivité agricole pourrait fortement chuter, en particulier dans les pays en développement, si rien n'est fait pour diminuer les émissions de carbone. D'autres articles sur ce thème allèguent que les politiques de réduction des émissions de gaz à effet de serre ne nuisent pas forcément à l'économie, et que les marchés financiers peuvent contribuer à atténuer le changement climatique. Dans les rubriques habituelles, « Paroles d'économistes » est consacré à John Taylor,« Pleins feux » indique que le système énergétique mondial suit une trajectoire de moins en moins durable, « Gros plan » est consacré à l'Afrique du Sud, et« Entre nous » s'intéresse aux signaux d'alarme indiqués par les dérivés de crédit. D'autres articles de ce numéro s'intéressent aux liens économiques de plus en plus étroits entre la Chine et l'Afrique, ainsi qu'à la délocalisation des emplois de services à l'étranger.
International Monetary Fund. External Relations Dept.
En “Boom de los productos básicos: ¿Cuánto durará?” se analiza cómo reaccionarán las economías ante la reciente escalada sin precedentes de los precios de las materias primas, los cuales contrastan marcadamente con los mínimos registrados en 2000. En el artículo de fondo se advierte que las repercusiones del alza del nivel general de inflación podrían persistir a lo largo de 2008, aun si no se produjeran nuevos aumentos de precios de las materias primas. Las autoridades deben garantizar el funcionamiento eficiente de las fuerzas del mercado a escala mundial y actuar con celeridad para proteger a los más pobres. En otro artículo se analiza el impacto del cambio climático en la agricultura y se advierte que, si no se reducen las emisiones de carbono, la producción agrícola disminuirá notablemente, sobre todo en los países en desarrollo. En otros artículos se plantea que las políticas para reducir las emisiones de gases de efecto invernadero no tienen por qué ser perjudiciales para las economías y que los mercados financieros pueden ser parte de la solución del problema del cambio climático. En “Gente del mundo de la economía” se entrevista a John Taylor; en “Bajo la lupa” se observa cómo el sistema mundial de energía avanza hacia una situación cada vez más insostenible; en “Panorama nacional” se pasa revista a Sudáfrica; y en “Hablando claro” se examinan las señales de alerta que emiten los instrumentos financieros derivados sobre crédito. En otros artículos se analiza la creciente presencia económica de China en África y la relocalización en el extranjero de los empleos del sector de servicios.
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
International Monetary Fund. External Relations Dept.
En “Cambio climático: Estimular una recuperación verde” se aborda el problema del cambio climático. Con la recuperación de la economía mundial aparentemente en marcha, las autoridades buscan maneras de limitar el impacto del cambio climático con medidas internacionales de gran alcance. Uno de los desafíos es conjugar las medidas para mitigar el cambio climático con las medidas en pro del crecimiento y la prosperidad. En este número de F&D se examinan además otras cuestiones planteadas por la crisis, como el futuro de la macroeconomía, en un artículo de William White, ex Economista Jefe del Banco de Pagos Internacionales; y el efecto a largo plazo de la crisis en Estados Unidos, la economía más grande del mundo. En “Gente del mundo de la economía” se entrevista a Joseph Stiglitz, el premio Nobel que “no es nada respetado en su propio país”. Analizamos también la necesidad de reequilibrar el crecimiento en Asia, que está a la cabeza de la recuperación mundial, y entrevistamos al respecto a cinco influyentes personajes de esa región. En “Hablando claro”, Barbara Stocking, de Oxfam, presenta argumentos de peso para incrementar la ayuda a los más vulnerables del mundo. En “Un vistazo a las cifras” se analizan las tendencias de la inflación, que cayó en terreno negativo en algunos países durante la crisis; y en “Punto y contrapunto” dos expertos debaten las ventajas y desventajas de las remesas de los trabajadores emigrantes a sus familias y amigos. En “Vuelta a lo esencial” se repasan aspectos básicos del comercio internacional.
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.