Regional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009 -- Table of Contents
Western Hemisphere, October 21, 2009
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- Regional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009 -- Table of Contents
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Bibliographic details
- Published: October 21, 2009
- Series: Western Hemisphere
Overview and central message
- The impact of the global financial crisis and recession on the Latin America and Caribbean region was substantial, but the worst is over for most countries.
- The region avoided falling into a crisis of its own and performed relatively well amid strong external shocks.
- Many countries have now returned to growth.
- The region faces the challenge of adapting to a new global environment that will not be as favorable as in the past.
- The report explores lessons and a policy agenda emerging from recent regional performance and draws on broader international experience.
Document components and navigational items
- Preface
- Executive Summary (20 kb PDF file)
- I. Global, U.S., and Canadian Outlook
- The Global Backdrop: Recovery Emerges
- United States: Policy Support Bolstering Activity
- Canada: Resilience amid Turmoil
- Sizable Implications for the Latin America and Caribbean Region
- II. Latin America and the Caribbean: Developments and Outlook
- External Shocks Fading at Different Speeds
- Severe Economic Impact, but Green Shoots Visible . . .
- . . . Helped in Some Cases by Active Policy Responses
- A Phased Recovery Ahead . . .
- . . . Shaping Policy Decisions
- III. Why Has Latin America and the Caribbean Fared Better This Time? The Value of Being Prepared
- Better Output Performance
- Lower Vulnerabilities
- Stronger Policy Frameworks
- Policy Implications
- Methodological Appendix: Box 3.2
- IV. Fiscal Policy Response to the Crisis: How Much Room for Countercyclical Policy?
- The Precrisis Context: Prudent Fiscal Policies and Some Profligacy
- The Crisis Hits: Lower Output and Commodity Prices Slash Fiscal Revenues . . .
- . . . But Only Some Countries Can Afford to Keep Expenditure Growing . . .
- . . . Resulting in Varied Fiscal Support During the Crisis
- Why Did Active Fiscal Policy Responses Differ? A Look into Fiscal Space
- Looking Ahead: Balancing Fiscal Sustainability with Sustaining the Recovery
- Technical Appendix
- References
- Regional and fiscal indicator tables
- Western Hemisphere: Main Economic Indicators
- Latin America and the Caribbean: Main Fiscal Indicators
- Boxes included in the report (selection)
- 1.1 Anatomy of the Crisis and Financial Regulation Challenges
- 1.2 U.S. Potential Growth in the Aftermath of the Crisis
- 1.3 Spillovers from U.S. Federal Debt Issuance: The Case of Emerging Market Sovereign Borrowing
- 2.1 LAC Country Analytical Groupings
- 2.2 The IMF’s Support to the Region during the Crisis
- 2.3 A Less-Crowded Caribbean Next Year? Tourism Trends
- 2.4 FDI during the Recent Crisis: Resistant but Not Immune
- 3.1 Did Latin America Show Greater Resilience during the Current Global Crisis? A Counterfactual Exercise
- 3.2 The Global Financial Crisis: Why Were Some Countries Hit Harder?
- 3.3 ¿Qué Pasó? Behind Mexico’s Cycle, by Way of Comparison to Canada
- 4.1 Fiscal Stimulus Packages in Latin America and the Caribbean
- 4.2 Measuring the Fiscal Stance: The Cyclically Adjusted Primary Balance and the Fiscal Impulse
Key analytic themes and policy directions emphasized
- Assessment that stronger fundamentals (better output performance, lower vulnerabilities, stronger policy frameworks) helped the region weather the crisis better than in previous episodes.
- Recognition that active policy responses aided recovery in some cases, with fiscal space and prior prudence influencing the capacity for countercyclical fiscal support.
- Forward-looking policy challenge: balance fiscal sustainability with measures to sustain the recovery as external conditions become less favorable.
- Emphasis on drawing lessons from the regional experience and from international comparisons to shape future policy agendas.
Regional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009 -- Table of Contents
Content in this bundle
- Perspectivas Econômicas: As Américas, Resumo Analítico, Outubro 2009
- _wreo1009expdf
- Regional Economic Outlook: Western Hemisphere - Crisis Averted—What’s Next?, October 2009
- Perspectivas Económicas: Las Américas - Se evitó la crisis ¿Qué sigue ahora?, Octubre de 2009