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WORLD ECONOMIC OUTLOOK
October 2012
Coping with High Debt and Sluggish Growth
International Monetary Fund
World Economic and Financial Surveys
©2012 International Monetary Fund
Cover and Design: Luisa Menjivar and Jorge Salazar
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World economic outlook (International Monetary Fund)
World economic outlook : a survey by the staff of the International Monetary Fund. —
Washington, DC : International Monetary Fund, 1980–
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International Monetary Fund | October 2012 iii
Assumptions and Conventions xi
Further Information and Data xii
Preface xiii
Foreword xv
Executive Summary xvii
Chapter 1. Global Prospects and Policies 1
Recent Developments 1
Prospects Are for Sluggish and Bumpy Growth 5
Cyclical Indicators Point to Slack in Advanced Economies 11
Policy Requirements 19
Special Feature: Commodity Market Review 29
Box 1.1. Are We Underestimating Short-Term Fiscal Multipliers? 41
Box 1.2. e Implications of High Public Debt in Advanced Economies 44
Box 1.3. How Does Uncertainty Aect Economic Performance? 49
Box 1.4. Unconventional Energy in the United States 54
Box 1.5. Food Supply Crunch—Who Is Most Vulnerable? 56
References 59
Chapter 2. Country and Regional Perspectives 61
Europe: In the Orbit of the Euro Area Crisis 62
e United States and Canada: Growth Continues, but Slack Remains 68
Asia: Calibrating a Soft Landing 71
Latin America and the Caribbean: Losing Some Buoyancy 75
Commonwealth of Independent States: Growth Is Still Robust 78
Middle East and North Africa: A Two-Speed Region 81
Sub-Saharan Africa: A Continued Favorable Outlook 84
Spillover Feature: e Financial Transmission of Stress in the Global Economy 88
References 99
Chapter 3. The Good, the Bad, and the Ugly: 100 Years of Dealing with Public Debt Overhangs 101
Historical Overview 102
Public Debt and Economic Growth 106
Case Studies 109
Analysis 122
Conclusion 125
References 126
CONTENTS
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Chapter 4. Resilience in Emerging Market and Developing Economies: Will It Last? 129
How Has Resilience Varied across Countries and over Time? 132
What Factors Are Associated with Resilience? 137
Putting It All Together: Multivariate Analysis 141
Wrapping Up: What Has Contributed to Increased Resilience? 144
Conclusion 149
Appendix 4.1. Data Sources 149
Appendix 4.2. Characterizing Resilience Using an Autoregressive Process on Growth 152
Appendix 4.3. Duration Analysis 154
Appendix 4.4. Robustness and Additional Results 155
Box 4.1. Jobs and Growth: Can’t Have One without the Other? 159
Box 4.2. How Would an Investment Slowdown in China Aect Other Emerging Market
and Developing Economies? 164
Box 4.3. Resilient Growth in Low-Income Countries: Kenya and Tanzania 167
References 169
Annex: IMF Executive Board Discussion of the Outlook, September 2012 173
Statistical Appendix 175
Assumptions 175
What’s New 176
Data and Conventions 176
Classication of Countries 177
General Features and Composition of Groups in the World Economic Outlook Classication 177
Table A. Classication by World Economic Outlook Groups and eir Shares
in Aggregate GDP, Exports of Goods and Services, and Population, 2011 179
Table B. Advanced Economies by Subgroup 180
Table C. European Union 180
Table D. Emerging Market and Developing Economies by Region and Main Source
of Export Earnings 181
Table E. Emerging Market and Developing Economies by Region, Net External Position,
and Status as Heavily Indebted Poor Countries 182
Box A1. Economic Policy Assumptions Underlying the Projections for Selected Economies 184
List of Tables 189
Output (Tables A1–A4) 190
Ination (Tables A5–A7) 197
Financial Policies (Table A8) 202
Foreign Trade (Table A9) 203
Current Account Transactions (Tables A10–A12) 205
Balance of Payments and External Financing (Tables A13–A14) 211
Flow of Funds (Table A15) 213
Medium-Term Baseline Scenario (Table A16) 217
World Economic Outlook, Selected Topics 219
contents
International Monetary Fund | October 2012 v
CONTENTS
Tables
Table 1.1. Overview of the World Economic Outlook Projections 2
Table 1.SF.1. Indices of Market Prices for Nonfuel and Fuel Commodities, 2009–12 30
Table 1.SF.2. Global Oil Supply and Demand by Region 35
Table 1.1.1. Growth Forecast Errors and Fiscal Consolidation 42
Table 1.2.1. Importance of the Intertemporal Elasticity of Substitution 47
Table 1.3.1. Uncertainty over the Business Cycle 51
Table 1.3.2. Uncertainty and Growth 52
Table 1.3.3. Uncertainty and Business Cycles 52
Table 1.5.1. Regional Food Vulnerability 56
Table 2.1. Selected European Economies: Real GDP, Consumer Prices, Current Account Balance,
and Unemployment 66
Table 2.2. Selected Advanced Economies: Real GDP, Consumer Prices, Current Account Balance,
and Unemployment 70
Table 2.3. Selected Asian Economies: Real GDP, Consumer Prices, Current Account Balance,
and Unemployment 72
Table 2.4. Selected Western Hemisphere Economies: Real GDP, Consumer Prices, Current
Account Balance, and Unemployment 78
Table 2.5. Commonwealth of Independent States: Real GDP, Consumer Prices, Current
Account Balance, and Unemployment 79
Table 2.6. Selected Middle East and North African Economies: Real GDP, Consumer Prices,
Current Account Balance, and Unemployment 82
Table 2.7. Selected Sub-Saharan African Economies: Real GDP, Consumer Prices, Current
Account Balance, and Unemployment 87
Table 2.SF.1. Behavior of Stress Indicators, 2007–12 91
Table 2.SF.2. Data for Spillover Feature 94
Table 3.1. Dierentiating Episodes by the Change in the Debt-to-GDP Ratio 107
Table 4.1. What Ends Expansions and Recoveries? 143
Table 4.2. Data Sources 150
Table 4.3. Economy Groups 151
Table 4.4. AR(1) Median Coecients and Interquartile Range 153
Table 4.5. What Shortens Expansions? Robustness Checks 156
Table 4.1.1. Short-Term Relationship between Labor Market Outcomes and Growth,
by Country Group 161
Table 4.1.2. Determinants of Okun Coecients and Employment Responsiveness 163
Table A1. Summary of World Output 190
Table A2. Advanced Economies: Real GDP and Total Domestic Demand 191
Table A3. Advanced Economies: Components of Real GDP 192
Table A4. Emerging Market and Developing Economies: Real GDP 194
Table A5. Summary of Ination 197
Table A6. Advanced Economies: Consumer Prices 198
Table A7. Emerging Market and Developing Economies: Consumer Prices 199
Table A8. Major Advanced Economies: General Government Fiscal Balances and Debt 202
Table A9. Summary of World Trade Volumes and Prices 203
Table A10. Summary of Balances on Current Account 205
Table A11. Advanced Economies: Balance on Current Account 207
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Table A12. Emerging Market and Developing Economies: Balance on Current Account 208
Table A13. Emerging Market and Developing Economies: Net Financial Flows 211
Table A14. Emerging Market and Developing Economies: Private Financial Flows 212
Table A15. Summary of Sources and Uses of World Savings 213
Table A16. Summary of World Medium-Term Baseline Scenario 217
Online Tables
Table B1. Advanced Economies: Unemployment, Employment, and Real per Capita GDP
Table B2. Emerging Market and Developing Economies: Real GDP
Table B3. Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
Table B4. Emerging Market and Developing Economies: Consumer Prices
Table B5. Summary of Fiscal and Financial Indicators
Table B6. Advanced Economies: General and Central Government Net Lending/Borrowing and
Excluding Social Security Schemes
Table B7. Advanced Economies: General Government Structural Balances
Table B8. Emerging Market and Developing Economies: General Government Net Lending/Borrowing
and Overall Fiscal Balance
Table B9. Emerging Market and Developing Economies: General Government Net Lending/Borrowing
Table B10. Advanced Economies: Exchange Rates
Table B11. Emerging Market and Developing Economies: Broad Money Aggregates
Table B12. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and
Services
Table B13. Emerging Market and Developing Economies by Region: Total Trade in Goods
Table B14. Emerging Market and Developing Economies by Source of Export Earnings: Total Trade in
Goods
Table B15. Advanced Economies: Current Account Transactions
Table B16. Emerging Market and Developing Economies: Balances on Current Account
Table B17. Emerging Market and Developing Economies by Region: Current Account Transactions
Table B18. Emerging Market and Developing Economies by Analytical Criteria: Current Account
Transactions
Table B19. Summary of Balance of Payments, Financial Flows, and External Financing
Table B20. Emerging Market and Developing Economies by Region: Balance of Payments and External
Financing
Table B21. Emerging Market and Developing Economies by Analytical Criteria: Balance of Payments
and External Financing
Table B22. Summary of External Debt and Debt Service
Table B23. Emerging Market and Developing Economies by Region: External Debt, by Maturity and
Type of Creditor
Table B24. Emerging Market and Developing Economies by Analytical Criteria: External Debt, by
Maturity and Type of Creditor
Table B25. Emerging Market and Developing Economies: Ratio of External Debt to GDP
Table B26. Emerging Market and Developing Economies: Debt-Service Ratios
Table B27. Emerging Market and Developing Economies, Medium-Term Baseline Scenario: Selected
Economic Indicators
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International Monetary Fund | October 2012 vii
CONTENTS
Figures
Figure 1.1. Global Indicators 3
Figure 1.2. Euro Area Developments 4
Figure 1.3. Current and Forward-Looking Growth Indicators 5
Figure 1.4. Fiscal Policies 6
Figure 1.5. Monetary Policies 7
Figure 1.6. Recent Financial Market Developments 8
Figure 1.7. Emerging Market Conditions 9
Figure 1.8. GDP Growth 10
Figure 1.9. Overheating Indicators for the G20 Economies 12
Figure 1.10. Global Ination 13
Figure 1.11. Risks to the Global Outlook 14
Figure 1.12. Recessions and Deation Risks 15
Figure 1.13. Upside and Downside Scenarios 16
Figure 1.14. Output in Emerging Market and Developing Economies 19
Figure 1.15. Lower Global Growth Scenario 20
Figure 1.16. Crisis Comparisons 23
Figure 1.17. Global Imbalances 25
Figure 1.18. Euro Area Imbalances 26
Figure 1.SF.1. IMF Commodity Price Index 29
Figure 1.SF.2. Oil Prices and Volatility 31
Figure 1.SF.3. Base Metal Spot Prices 32
Figure 1.SF.4. Food Prices and Volatility 32
Figure 1.SF.5. Inuence of Common Factors: Pairwise Correlations with First
Principal Components 33
Figure 1.SF.6. Commodity Prices and Economic Activity: First Principal Components 33
Figure 1.SF.7. Demand for Base Metals 34
Figure 1.SF.8. Oil Supply and Demand 36
Figure 1.SF.9. Oil Inventories and Spare Capacity 37
Figure 1.SF.10. Inventory Buers for Food 38
Figure 1.SF.11. Futures Prices 39
Figure 1.SF.12. Price Prospects for Selected Commodities 40
Figure 1.1.1. Growth Forecast Errors and Fiscal Consolidation Plans 43
Figure 1.2.1. Implications of Higher Debt Levels in Advanced Economies 45
Figure 1.2.2. Implications of Higher Debt Levels for the Global Economy 46
Figure 1.2.3. Illustrative Eects of Allowing Government Debt to Drift Higher 48
Figure 1.3.1. Evolution of Uncertainty 50
Figure 1.5.1. Regional Food Vulnerabilities 57
Figure 2.1. Revisions to WEO Growth Projections for 2012 and 2013 61
Figure 2.2. e Eects of Lower Potential Growth 62
Figure 2.3. Weekly Equity and Bond Fund Flows during Financial Stress in Advanced Economies 63
Figure 2.4. Europe: Revisions to 2013 GDP Growth Forecasts 64
Figure 2.5. Europe: In the Midst of Economic and Financial Stress 65
Figure 2.6. United States and Canada: Revisions to 2013 GDP Growth Forecasts 68
Figure 2.7. United States and Canada: A Weak Recovery 69
Figure 2.8. Asia: Revisions to 2013 GDP Growth Forecasts 73
Figure 2.9. Asia: Activity Decelerates 74
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viii International Monetary Fund | October 2012
Figure 2.10. Latin America and the Caribbean: Revisions to 2013 GDP Growth
Forecasts 76
Figure 2.11. Latin America: A Moderate Slowdown 77
Figure 2.12. Commonwealth of Independent States: Revisions to 2013 GDP Growth Forecasts 80
Figure 2.13. Commonwealth of Independent States: Vulnerable to Negative Spillovers 81
Figure 2.14. Middle East and North Africa: Revisions to 2013 GDP Growth Forecasts 83
Figure 2.15. Middle East and North Africa: An Uneven Recovery 84
Figure 2.16. Sub-Saharan Africa: Revisions to 2013 GDP Growth Forecasts 85
Figure 2.17. Sub-Saharan Africa: A Strong Expansion 86
Figure 2.SF.1. Financing Conditions for Euro Area Periphery Economies and the United States,
2007–12 89
Figure 2.SF.2. Changes in Stress Indicators, 2007–12 90
Figure 2.SF.3. Global Weekly Capital Flows 92
Figure 2.SF.4. Global Fund Flows during Stress 93
Figure 2.SF.5. e Composition of Capital Flows during Stress 93
Figure 2.SF.6. Global Asset Price Performance around Stress Episodes 97
Figure 2.SF.7. Global Trade Linkages with Advanced Economies and China 98
Figure 3.1. Public Debt in Advanced Economies 101
Figure 3.2. Debt-to-GDP Dynamics after Public Debt Reaches 100 Percent of GDP 104
Figure 3.3. Debt-to-GDP Dynamics 105
Figure 3.4. High Debt, Growth, and Ination 106
Figure 3.5. Debt and Growth Performance 108
Figure 3.6. Debt-to-GDP Dynamics after Crossing the 100 Percent reshold 109
Figure 3.7. United Kingdom: Deation in the Aftermath of World War I 111
Figure 3.8. United States: Debt Dynamics after World War II 113
Figure 3.9. Japan: Lost Decade 115
Figure 3.10. Italy: Fading Zeal 117
Figure 3.11. Belgium: A Marathon Not a Sprint 119
Figure 3.12. Canada: Fiscal Consolidation after 1985 121
Figure 3.13. Decomposition of Debt Dynamics in Case Study Countries 122
Figure 3.14. Contribution to GDP from Exports 124
Figure 4.1. e Strong Performance of Emerging Market and Developing Economies 129
Figure 4.2. Diverse Paths of Output 130
Figure 4.3. Dynamics of Output per Capita following Peaks 133
Figure 4.4. Emerging Market and Developing Economy Regions: Dynamics of Output
per Capita following Peaks 134
Figure 4.5. Along Which Dimensions Has Emerging Market and Developing Economy
Growth Improved? 135
Figure 4.6. Why Have Emerging Market and Developing Economies Become More Resilient? 136
Figure 4.7. Emerging Market and Developing Economies: Eects of Various Shocks
on the Likelihood that an Expansion Will End 138
Figure 4.8. Emerging Market and Developing Economies: Eects of Policies
on Expansion Duration and Speed of Recovery 140
Figure 4.9. Emerging Market and Developing Economies: Eects of Structural Characteristics
on Expansion Duration and Speed of Recovery 141
Figure 4.10. Frequency of Various Types of Domestic and External Shocks to Emerging Market
and Developing Economies 145
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International Monetary Fund | October 2012 ix
Figure 4.11. Policy Frameworks and Policy Space in Emerging Market and Developing Economies 146
Figure 4.12. Structural Characteristics of Emerging Market and Developing Economies 147
Figure 4.13. Contribution of Shocks, Policies, and Structure to the Length of Expansions
in Emerging Market and Developing Economies 148
Figure 4.14. Emerging Market and Developing Economies: Eects of Changing the Autoregressive
Model Coecients 154
Figure 4.15. Emerging Market and Developing Economy Subgroups: Dynamics of Output
per Capita following Peaks 157
Figure 4.16. Emerging Market and Developing Economy Regions: Contributions of Shocks,
Policies, and Structure to the Length of Expansions 158
Figure 4.1.1 Diverging Global Labor Market Trends, 2007–11 159
Figure 4.1.2. Distribution of Okun’s Law Coecients and Employment Responsiveness, 2007–11 161
Figure 4.1.3. Okun’s Law: Employment and Output in Emerging Market
and Developing Economies 162
Figure 4.2.1. Composition of China’s Growth and Imports 164
Figure 4.2.2. Increasing Exports to China 165
Figure 4.2.3. Impact of an Investment Slowdown in China 166
Figure 4.3.1. e Resilience of Kenya and Tanzania 167
[...]... 2012 13 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.11 Risks to the Global Outlook Risks around the WEO projections have risen, consistent with market indicators, and remain tilted to the downside The oil price and inflation indicators point to downside risks to growth, while S&P 500 options prices and the term spread suggest some upside risk 1 Prospects for World GDP Growth. .. Israel, New Zealand, Norway, Russia, South Africa, Sweden, Switzerland, Turkey, United Kingdom, and Venezuela 2 For details on the construction of this indicator, see Kumar (2003) and Decressin and Laxton (2009) The indicator is expanded to include house prices 1 International Monetary Fund | October 2012 15 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.13 Upside and Downside... 2012 xvii world economic outlook: Coping with High Debt and Sluggish Growth systems and provide support to sovereigns, while national leaders must work toward true economic and monetary union This requires establishing a banking union with a unified financial stability framework and implementing measures toward fiscal integration, on the principle that more area-wide insurance must come with more area-wide... Central Bank; LTROs = Longer-term refinancing operations; AFME = Africa and Middle East 1JPMorgan EMBI Global Index spread 2 JPMorgan CEMBI Broad Index spread International Monetary Fund | October 2012 9 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.8 GDP Growth (Half-over-half annualized percent change) Real GDP growth is projected to move sideways or accelerate modestly in 2012... sovereigns, and were default nevertheless to occur, it must decrease the effects on creditors and on the 1VIX = Chicago Board Options Exchange Market Volatility Index; VStoxx = Bloomberg’s Euro Stoxx 50 Volatility Index International Monetary Fund | October 2012 xv world economic outlook: Coping with High Debt and Sluggish Growth financial system It is good to see these issues being seriously explored and. .. described in Matheson (2011) Within regions, countries are listed by economic size International Monetary Fund | October 2012 3 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.2 Euro Area Developments The crisis in the euro area has deepened Activity is contracting, mainly due to deep cutbacks in production in the periphery economies, because financial and fiscal conditions are... all International Monetary Fund | October 2012 11 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.9 Overheating Indicators for the G20 Economies Domestic overheating indicators point to ample slack in the advanced economies—most indicators flash blue By contrast, a number of yellow and red indicators for the emerging market and developing economies point to capacity constraints... 7 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.6 Recent Financial Market Developments Equity markets recently registered large losses and have been very volatile Policy pronouncements have had large effects Bank lending conditions are gradually easing from very tight levels in the United States but are continuing to tighten in the euro area U.S credit to households and. .. dashed lines indicate projected oil price in April 2012 WEO and current WEO International Monetary Fund | October 2012 5 world economic outlook: Coping with High Debt and Sluggish Growth Figure 1.4 Fiscal Policies In 2012, fiscal policy became more contractionary in the advanced economies It became much less contractionary in the emerging market and developing economies, where the fiscal deficit is expected... economies that have not suffered a financial crisis, notably in many emerging market and developing economies In these economies, high employment growth and solid consumption (Figure 1.3, panel 3) should continue to propel demand and, together with macroeconomic policy easing, support healthy investment and growth However, growth rates are not projected to return to precrisis levels •• In developing Asia, . WORLD ECONOMIC OUTLOOK
October 2012
Coping with High Debt and Sluggish Growth
International Monetary Fund
World Economic and Financial Surveys
©2012. Account 207
world economic outlook: coping with high debt and SluggiSh growth
vi International Monetary Fund | October 2012
Table A12. Emerging Market and Developing
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