Regional Economic Outlook - Europe: Securing Recovery
Date: October 2009
Europe's contraction is ending, but the recovery is fragile. Policymakers should look beyond the crisis to secure a durable upswing and address the threats to potential growth from the crisis and the continent's well-known structural rigidities. The report's analytical work stresses the uncertainty surrounding potential growth estimates, and the more volatile environment faced by emerging economies in a tightly integrated region. In the near term, this calls for measures to restore the financial sector to health and for continued macroeconomic support, while preparing for the exit from extraordinary interventions in a coordinated and transparent fashion. Higher longer-term growth through structural change will support the recovery, smooth the exit, and help emerging markets to adjust to lower capital inflows in the crisis' aftermath. Published biannually in May and October.

Regional Economic Outlook: Sub-Saharan Africa
Date: October 2009
Sub-Saharan Africa has been hit hard by the global recession, but signs of resilience remain. While South Africa and some other middle-income countries were caught in the turbulence of international financial markets, and oil exporters saw government revenues plunge, some countries with wider commodity bases have so far escaped the worst of the crisis. Also, and reassuringly, with stronger initial fiscal and external positions than in past downturns, most countries in the region have been able to partially absorb external shocks by allowing fiscal deficits to rise and reducing interest rates. Exchange rates have generally been allowed to adjust. With many families affected by the crisis, however, progress toward the Millennium Development Goals has receded. Looking ahead, fiscal policy must balance support for the recovery with enhancing future growth prospects, debt sustainability, and poverty reduction. Published biannually in May and October.
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Regional Economic Outlook: Asia and Pacific
Date: May 2009
The May 2009 Asia and Pacific REO looks at the impact of the global financial crisis on Asia. Chapter 1 argues that a sustained recovery will need to await an improvement in the global economy, given Asian economies' specialization on advanced manufacturing and increasing financial ties with the rest of the world. Indeed, Chapter 2 shows that Asia has typically not recovered until exports have started to revive. An expansionary policy stance would provide insurance against the risks that a delayed global recovery could hurt the corporate and bank sectors, as discussed in Chapter 3. Some useful insights on how to deal with the adverse impact of the crisis may come from Japan's experience during the 1990s, discussed in Chapter 4.

Regional Economic Outlook: Middle East and Central Asia
Date: May 2009
The global crisis is now affecting the countries in the Middle East and Central Asia region, and economic and financial vulnerabilities are rising. In the Middle East and North Africa, good economic fundamentals, appropriate policy responses, and sizable currency reserves are helping mitigate the impact of the shock. In the Caucasus and Central Asia, lower commodity prices and adverse economic developments in Russia have hit hard. The report notes that countries should prepare for the contingency of a prolonged global slowdown by supporting domestic demand for a longer period and strengthening financial systems further. In some countries with rising unemployment, it will be important to target government resources and policies on protecting the poor; in others, increased donor support will be necessary to maintain needed economic development.

Regional Economic Outlook: Sub-Saharan Africa
Date: April 2009
The global financial crisis has worsened significantly the economic outlook for sub-Saharan Africa. Demand for African exports and commodity export prices have fallen, and remittance flows may be weakening. Tighter global credit and investor risk aversion have led to a reversal of portfolio inflows, less favorable conditions for trade finance, and could lower foreign direct investment. As a result, growth has started to slow markedly and fiscal and balance of payments pressures are mounting. Risks remain high and the prospects for recovery remain uncertain. Financial systems in the region have so far been resilient to the global crisis, but the economic slowdown is likely to increase credit risk and nonperforming loans and weaken financial institutions' balance sheets. Sub-Saharan African countries should seek to contain the adverse impact of the crisis on economic growth and poverty, while preserving important hard-won gains of recent years, including macroeconomic stability and debt sustainability.
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Regional Economic Outlook: Europe
Date: October 2008
The financial crisis has reached extraordinary proportions in recent months. At the same time commodity prices increases have boosted headline inflation, depressing consumption. Growth is expected to stagnate in the near term in most advanced European economies as asset price booms deflate and banks curb credit to reduce leverage. Growth will slow down significantly in the emerging economies in Europe as well. Mutually reinforcing deterioration in financial and economic conditions is the main downside risk to the outlook. Stabilizing financial conditions and nurturing growth are the key policy priorities. In addition to the outlook, the report presents analytical work on the impact of high commodity prices, the turnaround in the credit and asset price cycles, and the macroeconomic effects of cross-border labor flows.

Regional Economic Outlook: Sub-Saharan Africa
Date: October 2008
Sub-Saharan Africa's prospects have deteriorated somewhat and the risks have increased, according to the October 2008 Regional Economic Outlook: Sub-Saharan Africa. Growth in the region is projected to dip to 6 percent in 2008 and 2009. The fall is due mainly to the global food and fuel price shock, which has weighed particularly on growth in oil-importing countries, and to the global financial market turmoil, which has slowed global growth and demand for Africa's exports. Inflation is expected to rise to 12 percent in 2008, mainly on account of the food and fuel price shock. As a result of rising prices, particularly of food, poverty may well be on the increase in 2008. In 2009, inflation should ease to 10 percent, helped by recent commodity price declines. There are significant risks to the outlook related to a potentially deeper and longer period of global financial turmoil and resulting slowdown in global activity, and substantial uncertainty concerning commodity prices.
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Regional Economic Outlook: Middle East and Central Asia
Date: May 2008
The Middle East and Central Asia region grew at 6.5 percent in 2007, marking its best five-year performance over the past 30 years. So far, the turmoil in international financial markets has had a limited impact on the region, and the short-term outlook remains very favorable. The report reviews recent economic developments, assesses the outlook for the coming year, and discusses key policy challenges. In addition, it takes a closer look at both regional topics--such as the rise in inflation in the GCC countries, intraregional capital flows, developments in oil markets, developments in real estate prices, and sovereign wealth funds--and country reviews for Algeria, Georgia, Iraq, and West Bank and Gaza.

Regional Economic Outlook: Europe
Date: April 2008
Europe is facing slower growth as a result of protracted financial turbulence and spillovers from the U.S. Meanwhile, inflation has risen sharply. Policymakers in advanced economies will have to continue to support financial markets and balance risks to real activity with the need to anchor inflation. Emerging Europe is well placed to continue to grow, albeit at a slower pace, amid concerns about overheating and external imbalances in several countries. Sound macroeconomic policies and structural reforms will be necessary to ensure a soft landing in these countries and smooth convergence throughout the region.
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Regional Economic Outlook: Western Hemisphere
Date: April 2008
The main focus of this report is the outlook for the region in the face of the downturn now projected for the U.S. economy and the continuing risks that affect the global outlook. Overall the region is better placed than in the past to navigate the current financial turbulence, given reduced vulnerabilities and stronger policy frameworks. Nonetheless, the report points to risks that the global financial stress could curtail capital flows to the region and world commodity prices could fall more than expected. There are also risks arising from rising inflation and rapid private credit growth in a number of countries. The report then explores the policy options facing governments in the region, underscoring the need to preserve the gains of recent years.
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Regional Economic Outlook: Western Hemisphere
Date: November 2007
In spite of a slower U.S. economy and recent market turbulence, growth in the Latin America and Caribbean region has continued at a robust pace. This reports explores the resilience of the LAC region to external shocks and the policy challenges involved in sustaining the region's improved fundamentals. The analysis focuses, in particular, on real and financial linkages with the United States, the strength of underlying fiscal positions, and the sustainability of the ongoing credit boom.
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Regional Economic Outlook: Middle East and Central Asia
Date: October 2007
The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This latest REO includes boxes treating both regional topics--such as growth in the Maghreb countries; developments in the oil markets; the boom in the GCC countries, and the impact of the recent global credit squeeze on the region--and country-specific reviews, of Kazakhstan, Armenia, Egypt, Pakistan, and the UAE.

Regional Economic Outlook: Middle East and Central Asia
Date: May 2007
The report provides a broad overview of recent economic developments and prospects in countries covered by the IMF's Middle East and Central Asia Department, and highlights the need for strengthened policies to sustain growth and reduce unemployment.

Regional Economic Outlook: Sub-Saharan Africa
Date: April 2007
Sub-Saharan Africa's growth performance during the past three years has been the best in more than three decades, and higher oil revenues and increased debt relief have been used to make progress toward the Millennium Development Goals (MDGs). Despite spending pressures, most countries have managed to preserve macroeconomic stability with policies intended to support and sustain the region's higher growth. This latest REO is complemented by analyses on the macroeconomic challenges for oil producers, changing trade patterns, including with China, and the development of government debt markets.

Regional Economic Outlook: Western Hemisphere
Date: November 2006
This report provides the IMF's latest views on recent developments and prospects for the region, discusses potential risks to the forecast, and describes key policy challenges.
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Regional Economic Outlook: Middle East and Central Asia
Date: September 2006
The report provides a broad overview of recent economic developments, and prospects and policy issues for 2006 and 2007. MCD countries are divided into three groups: oil exporters, low-income countries, and emerging markets. Countries are grouped based on the share of oil in total exports, per capita income, and access to international capital markets.

Regional Economic Outlook: Asia and Pacific
Date: May 2006
This report gives the IMF's view of the outlook for Asia, identifies the main risks to growth, and considers the key factors that will influence capital inflows. The REO also hones in on the policy challenges facing the region, especially the need to spur domestic demand, so that growth becomes more balanced and sustainable and helps reduce the large global current account imbalances.
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Regional Economic Outlook: Sub-Saharan Africa
Date: May 2006
Prepared by the Policy Wing of the IMF African Department, and published twice a year in English and French, Regional Economic Outlook: Sub-Saharan Africa analyzes economic performance and short-term prospects of the 44 countries covered by the Department. Topics examined in recent volumes include responses to exogenous shocks, growth performance and growth-enhancing policies, the effectiveness of regional trade arrangements, macroeconomic implications of scaled-up aid, financial sector development, and fiscal decentralization. Detailed country data, grouped by oil-exporting and - importing countries and by subregion, are provided in an appendix and a statistical appendix, and a list of relevant publications by the African Department is included.
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Regional Economic Outlook: Sub-Saharan Africa Supplement
Date: October 2005
Against a background of an easing of demand for imports in advanced countries, average real GDP growth is now expected to decline slightly in 2005 from its strong performance in 2004.

Regional Economic Outlook: Middle East and Central Asia
Date: September 2005
This Regional Economic Outlook, covering countries in the Middle East and Central Asia Department (MCD), provides a broad synopsis of recent economic developments, highlighting common macroeconomic trends and policies. In light of recent developments, the Regional Economic Outlook focuses on two topics: the economic consequences of the oil boom on the region's oil exporters, and the policy responses to upward exchange rate pressure in some MCD countries.

Regional Economic Outlook: Sub-Saharan Africa
Date: October 2004
This Outlook has a special focus on regional integration initiatives in Africa. As emphasized at the recent summit of the African Union, accelerated regional integration has the potential of boosting economic growth and promoting poverty reduction.

Regional Economic Outlook: Sub-Saharan Africa
Date: June 2003
The analysis and projections contained in this first issue of the African Department's Regional Economic Outlook aim at supplementing the Department's bilateral surveillance of economic developments and policies in its member countries. The survey of recent economic developments and prospects is the product of a comprehensive intradepartmental review of economic developments in sub-Saharan Africa that draws primarily on information the staff gathers through consultation with member countries in the context of surveillance and lending activities.