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International Monetary Fund. European Dept.

Abstract

This issue of the Regional Economic Outlook for Europe examines the moderate and uneven recovery occurring across the region. The varying speed of recovery in advanced Europe is closely linked to the degree of overheating and credit expansion going into the crisis. The even more varied speed of recovery in the economies of emerging Europe reflects country-specific vulnerabilities, external financing difficulties, and variations in their reliance on export demand. In the most vulnerable and hard hit countries in emerging Europe, coordinated assistance from the IMF, the European Union (EU), and other multilateral institutions eased the inevitable adjustment to considerably tighter constraints on external financing. Growth is expected to pick up during 2010-11, but the traditional drivers of the recovery are likely to be weaker than usual.

Abstract

India’s macroeconomic performance during the past decade has in many respects been remarkable. Since the early 1990s, India has been among the fastest growing economies in the world, inflation has been relatively well contained, and the balance of payments has been maintained at comfortable levels. This performance was achieved despite poor weather that caused negative agricultural growth in fiscal year (FY) 1995/96 and again in FY 1997/98, the Asian financial crisis in 1997 and 1998, international sanctions imposed on India and Pakistan following tests of nuclear devices in 1998, and the considerable volatility in world oil and commodity prices that occurred in 1998–2000.1

Abstract

India’s recent economic performance has been remarkable, particularly in view of the economic and financial turmoil that afflicted the region during 1997–99. In the face of the Asia crisis, as well as the imposition of international sanctions in early 1998, volatility in domestic financial markets and the exchange rate was contained and overall economic activity accelerated in 1998/99. Spillovers to India’s balance of payments were also comparably modest—the current account deficit was held to around 1 percent of GDP in 1998/99, capital inflows were sustained, and official reserves increased.

International Monetary Fund. European Dept.

Abstract

This issue of the Regional Economic Outlook for Europe examines the moderate and uneven recovery occurring across the region. The varying speed of recovery in advanced Europe is closely linked to the degree of overheating and credit expansion going into the crisis. The even more varied speed of recovery in the economies of emerging Europe reflects country-specific vulnerabilities, external financing difficulties, and variations in their reliance on export demand. In the most vulnerable and hard hit countries in emerging Europe, coordinated assistance from the IMF, the European Union (EU), and other multilateral institutions eased the inevitable adjustment to considerably tighter constraints on external financing. Growth is expected to pick up during 2010-11, but the traditional drivers of the recovery are likely to be weaker than usual.

Abstract

India has generally followed cautious external sector policies, with trade intervention and capital controls used extensively as instruments of balance of payments control and adjustment. It has nonetheless experienced several balance of payments crises, most recently in 1991. The policy of restricting trade and capital flows may also have entailed costs in terms of forgone resources. Despite recent reforms, India retains one of the world’s most restrictive trade regimes, and the inflow of foreign capital remains well below that of other countries in Asia.