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Global Economic Prospects (Vol. 9)
Report

Global Economic Prospects (Vol. 9)

Shifting Priorities, Building for the Future

World Bank Group
World Bank, 2014
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Editorial Rating

7

Qualities

  • Comprehensive
  • Well Structured
  • Overview

Recommendation

Years after the end of a scarring global recession, markets and economies are rebounding, though at varying rates of speed. This World Bank Group (WBG) report attempts to divine where the world economy is going, particularly in developing regions. In a well-researched, well-referenced, highly collaborative effort by WBG country, regional and industrial sector specialists, this practical analysis considers the source of current economic conditions and steps authorities can take to avoid exogenous shocks to developing market economies. As such, it is at once descriptive and prescriptive (and at times, by implication, proscriptive). Although WBG produced this report prior to summer developments in conflicts in the Middle East, Libya and Ukraine, its content is mostly very timely. Its value lies in its ability to present a detailed, nuanced view of the global economy, with a focus on the developing world that does not sacrifice the bigger macroeconomic picture.

Summary

Through the Looking Glass: The Global Economy as of Mid-2014

Choppy financial markets, a frigid winter in the United States and regional strife in Ukraine all contributed to a somewhat unsettled global economy in the first half of 2014. Better prospects for the second half appear in the offing; projections are for world GDP growth to accelerate by 3.4% in 2015. For 2016, economists forecast 3.5% global growth.

The expansion will be uneven, however, with higher-income countries leading the charge. The recovery in the US is well underway, as seen in relatively tighter labor markets, increased consumer spending, and the Federal Reserve Bank’s measured and gradual tapering of its low interest rate policy. The euro zone is emerging from recession but is still bruised from issues of fiscal rigidity attributable to its single currency. The region has shown signs of life in rising exports, both within the core and the periphery countries. Overall, EU unemployment may have reached its peak. Japan’s story is specific to its economy: The economy got a jump start at the beginning of the year thanks to anticipatory business and consumer spending before a sales tax increase took...

About the Author

The World Bank Group provides financial and technical assistance to developing countries.

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