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International Monetary Fund. Western Hemisphere Dept.

Abstract

The global economy is emerging from recession, but the recovery is expected to be sluggish. While financial conditions have continued to improve, many markets remain highly dependent on public support, and downside risks prevail. In the United States and many advanced economies, growth and employment will remain weak in coming years. In turn, Canada has shown comparative resilience despite sizable shocks. A permanent loss in potential output, weak private consumption, and much higher debt levels in the United States will be negative legacies of the crisis that could adversely affect the Latin America and Caribbean region.

International Monetary Fund

Abstract

This paper reviews major issues and developments in the trade area and outlines the challenges governments face as they seek to liberalize trade in the Uruguay Round of trade negotiations and address new trade issues. In industrial countries, the reorientation of policies was most apparent in steps taken to liberalize financial markets and foreign direct investment, privatize public enterprises, and deregulate services, particularly in the transportation and communication sectors. Among developing countries, a growing number recognized the merits of outward, market-oriented policies and took steps to liberalize their trade regimes and open their economies to international competition. By and large, the increased focus on market principles in industrial countries did not carry over to trade and industrial policies or, most notable, to the agricultural sector. Despite strong growth performance in 1983–1989, little progress was made in rolling back the protective barriers that had risen during the preceding recessionary period; protection persists in agriculture and declining sectors and has spread to newer high-tech areas.

International Monetary Fund. Western Hemisphere Dept.

Abstract

The LAC region is doing considerably better than in past crises, but there is growing heterogeneity within the region. External shocks to remittances and tourism are still playing out and will continue to affect countries in Central America and the Caribbean. In contrast, some of the larger economies have already bottomed out. These varying output dynamics, coupled with differing room for policy maneuver, are shaping policy challenges in the near term. In addition, long-lasting legacies from the global crisis will have significant implications for the region.

International Monetary Fund. Western Hemisphere Dept.

Abstract

Although it has faced larger external shocks this time, the Latin America and Caribbean (LAC) region has fared noticeably better than in the earlier three global downturns since the 1980s. It has also fared better than other emerging markets. This better performance can be attributed to stronger and more credible policy frameworks, which led to lower banking, external, and fiscal vulnerabilities and allowed some LAC countries to react with monetary or fiscal policy easing.

International Monetary Fund. Western Hemisphere Dept.

Abstract

The global crisis put fiscal policymaking at the forefront, highlighting differences in policy frameworks and preparedness within the region. Countries' circumstances prior to the crisis, largely reflecting past fiscal behavior, shaped the varied fiscal policy responses that Latin American and Caribbean (LAC) governments have recently taken. The experience of 2009 confirms that some LAC governments do have “space” to support economic activity during a major downturn. But the experience also draws attention to limits on such space, as well as the need for fiscal policymaking and frameworks to evolve—to be prepared for future shocks.

International Monetary Fund

Abstract

The European Communities (EC) were established by the Treaty of Paris (1951) and the Treaties of Rome (1957).1 The original six EC members2 were later joined by the United Kingdom, Ireland, and Denmark in 1973, Greece in 1981, and Spain and Portugal in 1986. Excluding intra-area trade, the EC now accounts for almost one fifth of world exports and nearly as much of world imports. Its weight in world trade is thus somewhat less than that of the United States and Japan taken together (Table 9).

International Monetary Fund

Abstract

Ministers, meeting on the occasion of the Special Session of CONTRACTING PARTIES at Punta del Este, have decided to launch Multilateral Trade Negotiations (The Uruguay Round). To this end, they have adopted the following Declaration. The multilateral trade negotiations (MTN) will be open to the participation of countries as indicated in Parts I and II of this Declaration. A Trade Negotiations Committee (TNC) is established to carry out the negotiations. The Trade Negotiations Committee shall hold its first meeting not later than 31 October 1986. It shall meet as appropriate at Ministerial level. The Multilateral Trade Negotiations will be concluded within four years.