Europe > Ireland
Abstract
Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Stronger activity, expectations of more robust global demand, reduced deflationary pressures, and optimistic financial markets are all upside developments. But structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term, remain important challenges. Chapter 2 examines how changes in external conditions may affect the pace of income convergence between advanced and emerging market and developing economies. Chapter 3 looks at the declining share of income that goes to labor, including the root causes and how the trend affects inequality. Overall, this report stresses the need for credible strategies in advanced economies and in those whose markets are emerging and developing to tackle a number of common challenges in an integrated global economy.
Abstract
Fiscal risks are abating somewhat but remain elevated. In advanced economies, recent policy moves have broadly stabilized public debt ratios, but medium-term prospects are still uncertain, and debt remains at historic highs. Fiscal vulnerabilities are rising in both emerging market economies and low-income countries, although in most cases from relatively moderate levels. Across country groups, fiscal policy should aim at rebuilding policy space while supporting the recovery and long-term growth prospects.
Abstract
Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak. At the same time, fiscal vulnerabilities are on the rise in emerging market economies and low-income countries—on the back, in emerging market economies, of heightened financial volatility and downward revisions to potential growth, and in low-income countries, of possible shortfalls in commodity prices and aid. Strengthening fiscal balances and buttressing confidence thus remain at the top of the policy agenda. Against that backdrop, this issue explores whether and how tax reform can help strengthen public finances. Taxation is always a sensitive topic and is now more than ever at the center of policy debates around the world. Can countries tax more, better, more fairly? Results reported in this issue show that the scope to raise more revenue is limited in many advanced economies and, where tax ratios are already high, the bulk of the necessary adjustment will have to fall on spending. In emerging market economies and low-income countries, where the potential for raising revenue is often substantial, improving compliance remains a central challenge.
Abstract
The May 2011 Regional Economic Outlook: Europe anticipates that recovery in the region will solidify, with recoveries in advanced and emerging Europe likely to be mutually reinforcing. Advanced Europe continues to absorb most of emerging Europe's exports, while the role of emerging Europe as a market for advanced Europe will expand. Chapters discuss the outlook and policy priorities for advanced and emerging Europe, and analyze the role of financial integration in the buildup and resolution of imbalances within the euro area.
Abstract
Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems. The April 2011 Global Financial Stability Report highlights how risks have changed over the past six months, traces the sources and channels of financial distress with an emphasis on sovereign risk, notes the pressures arising from capital inflows in emerging economies, and discusses policy proposals under consideration to mend the global financial system.
Abstract
With increasing fiscal challenges in the aftermath of the global financial crisis, multilateral surveillance of fiscal developments, a key part of the IMF's surveillance responsibilities, has gained further importance. In response, the Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. The Fiscal Monitor is prepared twice a year by the IMF's Fiscal Affairs Department. Its projections are based on the same database used for the IMF's World Economic Outlook (WEO) and Global Financial Stability Report (GFSR).
Abstract
The global expansion is losing speed in the face of a major financial crisis. The slowdown has been greatest in the advanced economies, particularly in the United States, where the housing market correction continues to exacerbate financial stress. The emerging and developing economies have so far been less affected by fi nancial market developments and have continued to grow at a rapid pace, led by China and India, although activity is beginning to slow in some countries. At the same time, headline infl ation has increased around the world, boosted by the continuing buoyancy of food and energy prices. Policymakers around the world are facing a diverse and fast-moving set of challenges, and although each country's circumstances differ, in an increasingly multipolar world it will be essential to meet these challenges broadly, taking full account of cross-border interactions. The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF's global surveillance activities.
Abstract
The global expansion is losing speed in the face of a major financial crisis. The slowdown has been greatest in the advanced economies, particularly in the United States, where the housing market correction continues to exacerbate financial stress. The emerging and developing economies have so far been less affected by fi nancial market developments and have continued to grow at a rapid pace, led by China and India, although activity is beginning to slow in some countries. At the same time, headline infl ation has increased around the world, boosted by the continuing buoyancy of food and energy prices. Policymakers around the world are facing a diverse and fast-moving set of challenges, and although each country's circumstances differ, in an increasingly multipolar world it will be essential to meet these challenges broadly, taking full account of cross-border interactions. The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF's global surveillance activities.
Abstract
La expansión mundial está perdiendo impulso en el contexto de una crisis financiera de gran envergadura. La desaceleración ha sido mayor en las economías avanzadas, sobre todo en Estados Unidos, donde la corrección del mercado inmobiliario continúa exacerbando las turbulencias. Hasta ahora, las economías emergentes y en desarrollo se han visto menos afectadas por los acontecimientos en los mercados financieros y han seguido creciendo a un ritmo acelerado, lideradas por China e India, aunque la actividad está comenzando a desacelerarse en algunos países. Al mismo tiempo, el nivel general de inflación ha aumentado en todo el mundo, impulsado por el continuo repunte de los precios de los alimentos y la energía. En todo el mundo las autoridades se enfrentan a un conjunto de desafíos de índole diversa y en rápida evolución, y aunque las circunstancias de cada país son diferentes, en un mundo cada vez más multipolar será esencial afrontar esos desafíos de manera amplia, teniendo plenamente en cuenta las interacciones transfronterizas. En Perspectivas de la economía mundial se presentan análisis y proyecciones del personal técnico del FMI sobre la evolución económica a escala mundial, en grupos generales de países (clasificados por región, grado de desarrollo, etc.) y en muchos países individuales. El estudio se centra en las principales cuestiones de política económica y en el análisis de la evolución y las perspectivas de la economía. Este informe suele prepararse dos veces al año, como documentación para las reuniones del Comité Monetario y Financiero Internacional, y es el principal instrumento de las actividades de supervisión mundial que realiza el FMI.
Abstract
L'expansion mondiale ralentit face à une crise financière majeure. Le ralentissement est le plus marqué dans les pays avancés, en particulier aux États-Unis, où la correction du marché immobilier continue à exacerber les tensions financières. Les pays émergents et les pays en développement ont été moins touchés jusqu'à présent par les turbulences financières et ont continué d'enregistrer une croissance rapide, avec la Chine et l'Inde comme moteurs, bien que l'activité commence à ralentir dans certains pays. L'inflation non corrigée a augmenté dans le monde entier, en raison de la vigueur persistante des prix de l'alimentation et de l'énergie. Les pays du monde entier font face à divers problèmes qui changent rapidement, et, si les circonstances varient d'un pays à l'autre, il sera essentiel, dans un monde de plus en plus multipolaire, de s'attaquer à ces problèmes de manière globale, en tenant compte pleinement de l'interaction entre les pays. Les Perspectives de l’économie mondiale présentent l’analyse de l’évolution économique au niveau mondial et les projections des services du FMI, par grands groupes de pays (classés par région géographique, selon le stade de développement, etc.) ainsi que dans plusieurs pays individuels. Les rapports portent essentiellement sur les grandes questions économiques, ainsi que sur l’analyse de l’évolution et des perspectives économiques. Ils sont en général préparés deux fois par an, à titre de documentation de référence pour les réunions du Comité monétaire et financier international, et constituent le principal instrument des activités de la surveillance multilatérale du FMI.