World Economic Outlook Interim Assessment January 1993
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- Synopsis
- Recent months have been characterized by flagging consumer and business confidence, weaker-than-expected economic activity--especially in Europe and Japan--and considerable tensions in foreign exchange markets. Despite encouraging signs of increased growth in the United States, these developments have cast new doubts on the prospects for recovery in the industrial world after what has already been two years of weak growth or recession in many countries. There are two main reasons for the pervasive sluggishness of growth. the most important is the deflationary impact in a number of countries of balance sheet adjustments by the private sector following the recent correction of inflated asset prices. an additional factor is the negative effects of high interest rates in Europe, stemming from the strong fiscal expansion that accompanied German unification, and inadequate progress toward inflation convergence and budgetary consolidation in a number of countries. the persistent currency turbulence since September, growing tensions over trade, and other indications of a reduced commitment to international policy cooperation in the major industrial countries have contributed to increased uncertainty. In these circumstances, there is a critical need for confidence-building economic policies to strengthen the prospects for growth without jeopardizing financial market stability or the considerable progress that has been achieved in reducing inflation.
- Copyright:
- 1993
Book Details
- Book Quality:
- Publisher Quality
- ISBN-13:
- 9781463948085
- Publisher:
- International Monetary Fund
- Date of Addition:
- 12/03/12
- Copyrighted By:
- International Monetary Fund
- Adult content:
- No
- Language:
- English
- Has Image Descriptions:
- No
- Categories:
- Nonfiction, Business and Finance
- Submitted By:
- Bookshare Staff
- Usage Restrictions:
- This is a copyrighted book.