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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.

Abstract

Economists working on fiscal policy and fiscal management need a good understanding of how the expenditure side of the budget is planned, prepared, and executed.1 This publication is designed for those interested in the macroeconomic impact of such budget processes, rather than in the perhaps more familiar microeconomic perspective of expenditure policies.

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.