IMF World Economic Outlook (WEO) - Sustaining the Recovery, October 2009

World Economic Outlook, October 1, 2009

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After a deep recession, global economic growth has turned positive, driven by wide-ranging, coordinated public intervention that has supported demand and reduced uncertainty and systemic risk in financial markets.
The Global Recession Is Ending.
Deleveraging and Slow Job Growth Ahead.
Improving, but Still Difficult, Financial Conditions.
Sluggish Real Sector Dynamics.
Continued, but Diminishing, Support from Policy.
A Subdued Recovery and Vulnerability to Mild Deflation.
Beyond 2010: How Will the Global Economy Rebalance?
Risks to a Sustained Recovery.
Policy Challenges: Reconciling Short- and Medium-Term Objectives.

The U.S. Economy is Stabilizing as the Crisis Subsides.
Asia: From Rebound to Recovery?
Europe: A Sluggish Recovery Lies Ahead.
Commonwealth of Independent States: A Difficult Recovery for Some and Damage Containment for Others.
Other Advanced Economies: On the Path to Recovery.
Latin America and the Caribbean: Policy Frameworks Have Promoted Resilience.
Middle East: Strengthening Growth Prospects.
Africa: Regaining Momentum.

Chapter 3: Lessons for Monetary Policy from Asset Price Fluctuations
- Asset Price Busts in the Modern Era.
- Macroeconomic Patterns ahead of the Current Crisis.
- The Role of Monetary Policy.
- Should Policymakers React to Asset Market Fluctuations?
- Policy Conclusions.
Chapter 4: What's the Damage? Medium-Term Output Dynamics after Financial Crises
- Does Output Recover over the Medium Term?
- Decompositions: Why Does Aggregate Output Fail to Recover after a Banking Crisis?
- What Factors Are Associated with Medium-Term Output Losses?
- Implications for the Outlook after the Current Financial Crisis.

Maintain policies that support demand while managing fiscal sustainability as emergency measures diminish.
Address deleveraging and labor market weaknesses to prevent a jobless or sluggish recovery.
Manage financial-sector repair to improve credit conditions and reduce systemic risk.
Monitor deflationary pressures and commodity price dynamics to guard against mild deflation.
Rebalance global demand patterns beyond 2010 to reduce global imbalances and support sustained growth.
Consider monetary policy frameworks that account for asset-price fluctuations and their macroeconomic implications.
Learn from historical postcrisis output dynamics to design policies that mitigate medium-term output losses.

World Economic Outlook Database and statistical appendices providing detailed country and group projections.
Boxes and figures examining topics such as trade finance, resilience of emerging-market financial markets, jobless recoveries, real estate risks, commodity price prospects, and historical perspectives on financial crises.
Tables and figures covering Output, Inflation, Financial Policies, Foreign Trade, Current Account Transactions, Balance of Payments and External Financing, Flow of Funds, and Medium–Term Baseline Scenarios.

IMF World Economic Outlook (WEO) - Sustaining the Recovery, October 2009