Europe > Iceland
Abstract
The April 2012 edition of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011. The threat of a sharp global slowdown eased with improved activity in the United States and better policies in the euro area. Weak recovery will likely resume in the major advanced economies, and activity will remain relatively solid in most emerging and developing economies. However, recent improvements are very fragile. Policymakers must calibrate policies to support growth in the near term and must implement fundamental changes to achieve healthy growth in the medium term. Chapter 3 examines how policies directed at real estate markets can accelerate the improvement of household balance sheets and thus support otherwise anemic consumption. Chapter 4 examines how swings in commodity prices affect commodity exporting economies, many of which have experienced a decade of good growth. With commodity prices unlikely to continue growing at the recent elevated pace, however, these economies may have to adapt their fiscal and other policies to lower potential output growth in the future.
Abstract
The April 2012 edition of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011. The threat of a sharp global slowdown eased with improved activity in the United States and better policies in the euro area. Weak recovery will likely resume in the major advanced economies, and activity will remain relatively solid in most emerging and developing economies. However, recent improvements are very fragile. Policymakers must calibrate policies to support growth in the near term and must implement fundamental changes to achieve healthy growth in the medium term. Chapter 3 examines how policies directed at real estate markets can accelerate the improvement of household balance sheets and thus support otherwise anemic consumption. Chapter 4 examines how swings in commodity prices affect commodity exporting economies, many of which have experienced a decade of good growth. With commodity prices unlikely to continue growing at the recent elevated pace, however, these economies may have to adapt their fiscal and other policies to lower potential output growth in the future.
Abstract
Édition d'avril 2012 : après s’être fortement assombries en 2011, les perspectives de l’économie mondiale s’améliorent de nouveau progressivement. La hausse de l’activité aux États-Unis et l’amélioration des politiques économiques dans la zone euro ont réduit la menace d’un ralentissement brutal de l’économie mondiale. Une faible reprise est probable dans les principaux pays avancés, et l'activité restera relativement vigoureuse dans la plupart des pays émergents et des pays en développement. Cependant, les progrès récents sont très fragiles. Les dirigeants doivent calibrer les politiques pour appuyer la croissance à court terme et opérer les changements fondamentaux qui sont nécessaires pour réaliser une croissance saine à moyen terme. Le chapitre 3 examine comment une action dans le secteur de l'immobilier peut accélérer l'amélioration des bilans des ménages et ainsi soutenir une consommation qui, sinon, serait anémique. Le chapitre 4 examine les effets des fortes variations des prix des matières premières sur les pays exportateurs de ces produits, dont un grand nombre ont connu une décennie de bonne croissance. Toutefois, étant donné qu'il est peu probable que les prix des matières premières continuent d'augmenter au rythme élevé constaté dernièrement, ces pays devront peut-être ajuster leurs politiques, budgétaires ou autres, à une croissance de la production qui pourrait ralentir à l'avenir.
Abstract
En la edición de abril de 2012 de Perspectivas de la economÃa mundial se evalúa el panorama al que se enfrenta la economÃa a escala internacional, que muestra un fortalecimiento gradual tras el fuerte revés sufrido en 2011. La amenaza de una abrupta desaceleración mundial se vio contenida debido a que mejoró la actividad en Estados Unidos y se aplicaron polÃticas más idóneas en la zona del euro en respuesta a la profundización de la crisis europea. Por lo tanto, es probable que en las principales economÃas avanzadas se reinicie una recuperación débil y se prevé que en la mayorÃa de las economÃas emergentes y en desarrollo la actividad seguirá siendo relativamente sólida. No obstante, los avances recientes son muy frágiles. Las autoridades de polÃtica económica deben calibrar las polÃticas de estÃmulo al crecimiento en el corto plazo y deben implementar reformas fundamentales para lograr un crecimiento sano en el mediano plazo. En el capÃtulo 3 se examina de qué manera las polÃticas enfocadas en los mercados inmobiliarios pueden acelerar la mejora de los balances de los hogares y, por tanto, estimular un consumo que de otra manera serÃa anémico. Los paÃses que han adoptado polÃticas de esta naturaleza ya han obtenido grandes beneficios. En general, sin embargo, el temor en torno al riesgo moral ha sido un obstáculo en este proceso. En el capÃtulo 4 se examina de qué manera las oscilaciones de precios de las materias primas afectan a las economÃas que las exportan. Muchas economÃas emergentes y en desarrollo han acumulado casi una década de alto crecimiento, en parte gracias a la rápida expansión del crédito o a los altos precios de las materias primas. Sin embargo, es poco probable que los precios de las materias primas sigan aumentando a un ritmo tan acelerado, y posiblemente sea necesario adaptar las polÃticas fiscales y otras polÃticas económicas a un menor crecimiento potencial del producto.
Abstract
The April 2012 issue of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011. The threat of a sharp global slowdown eased with improved activity in the United States and better policies in the euro area. Weak recovery will likely resume in the major advanced economies, and activity will remain relatively solid in most emerging and developing economies. However, recent improvements are very fragile. Policymakers must calibrate policies to support growth in the near term and must implement fundamental changes to achieve healthy growth in the medium term. Chapter 3 examines how policies directed at real estate markets can accelerate the improvement of household balance sheets and thus support otherwise anemic consumption. Chapter 4 examines how swings in commodity prices affect commodity-exporting economies, many of which have experienced a decade of good growth. With commodity prices unlikely to continue growing at the recent elevated pace, however, these economies may have to adapt their fiscal and other policies to lower potential output growth in the future.