{
  "title": "Regional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009 -- Table of Contents",
  "publication": "Western Hemisphere, October 21, 2009",
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  "summary": "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, performing relatively well amid strong external shocks.",
  "sections": [
    {
      "heading": "Overview and central message",
      "content": "- 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.\n- The region avoided falling into a crisis of its own and performed relatively well amid strong external shocks.\n- Many countries have now returned to growth.\n- The region faces the challenge of adapting to a new global environment that will not be as favorable as in the past.\n- The report explores lessons and a policy agenda emerging from recent regional performance and draws on broader international experience."
    },
    {
      "heading": "Document components and navigational items",
      "content": "- Preface\n- Executive Summary (20 kb PDF file)\n- I. Global, U.S., and Canadian Outlook\n  - The Global Backdrop: Recovery Emerges\n  - United States: Policy Support Bolstering Activity\n  - Canada: Resilience amid Turmoil\n  - Sizable Implications for the Latin America and Caribbean Region\n- II. Latin America and the Caribbean: Developments and Outlook\n  - External Shocks Fading at Different Speeds\n  - Severe Economic Impact, but Green Shoots Visible . . .\n  - . . . Helped in Some Cases by Active Policy Responses\n  - A Phased Recovery Ahead . . .\n  - . . . Shaping Policy Decisions\n- III. Why Has Latin America and the Caribbean Fared Better This Time? The Value of Being Prepared\n  - Better Output Performance\n  - Lower Vulnerabilities\n  - Stronger Policy Frameworks\n  - Policy Implications\n  - Methodological Appendix: Box 3.2\n- IV. Fiscal Policy Response to the Crisis: How Much Room for Countercyclical Policy?\n  - The Precrisis Context: Prudent Fiscal Policies and Some Profligacy\n  - The Crisis Hits: Lower Output and Commodity Prices Slash Fiscal Revenues . . .\n  - . . . But Only Some Countries Can Afford to Keep Expenditure Growing . . .\n  - . . . Resulting in Varied Fiscal Support During the Crisis\n  - Why Did Active Fiscal Policy Responses Differ? A Look into Fiscal Space\n  - Looking Ahead: Balancing Fiscal Sustainability with Sustaining the Recovery\n  - Technical Appendix\n  - References\n- Regional and fiscal indicator tables\n  - Western Hemisphere: Main Economic Indicators\n  - Latin America and the Caribbean: Main Fiscal Indicators\n- Boxes included in the report (selection)\n  - 1.1 Anatomy of the Crisis and Financial Regulation Challenges\n  - 1.2 U.S. Potential Growth in the Aftermath of the Crisis\n  - 1.3 Spillovers from U.S. Federal Debt Issuance: The Case of Emerging Market Sovereign Borrowing\n  - 2.1 LAC Country Analytical Groupings\n  - 2.2 The IMF’s Support to the Region during the Crisis\n  - 2.3 A Less-Crowded Caribbean Next Year? Tourism Trends\n  - 2.4 FDI during the Recent Crisis: Resistant but Not Immune\n  - 3.1 Did Latin America Show Greater Resilience during the Current Global Crisis? A Counterfactual Exercise\n  - 3.2 The Global Financial Crisis: Why Were Some Countries Hit Harder?\n  - 3.3 ¿Qué Pasó? Behind Mexico’s Cycle, by Way of Comparison to Canada\n  - 4.1 Fiscal Stimulus Packages in Latin America and the Caribbean\n  - 4.2 Measuring the Fiscal Stance: The Cyclically Adjusted Primary Balance and the Fiscal Impulse"
    },
    {
      "heading": "Key analytic themes and policy directions emphasized",
      "content": "- Assessment that stronger fundamentals (better output performance, lower vulnerabilities, stronger policy frameworks) helped the region weather the crisis better than in previous episodes.\n- Recognition that active policy responses aided recovery in some cases, with fiscal space and prior prudence influencing the capacity for countercyclical fiscal support.\n- Forward-looking policy challenge: balance fiscal sustainability with measures to sustain the recovery as external conditions become less favorable.\n- Emphasis on drawing lessons from the regional experience and from international comparisons to shape future policy agendas.\n\nRegional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009 -- Table of Contents\n\n---\n\n Content in this bundle\n\n- Perspectivas Econômicas: As Américas, Resumo Analítico, Outubro 2009\n  - Perspectivas Econômicas: As Américas, Resumo Analítico, Outubro 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Perspectivas Econômicas: As Américas, Resumo Analítico, Outubro 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- wreo1009expdf\n  - wreo1009expdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wreo1009expdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Regional Economic Outlook: Western Hemisphere - Crisis Averted—What’s Next?, October 2009\n  - Regional Economic Outlook: Western Hemisphere - Crisis Averted—What’s Next?, October 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regional Economic Outlook: Western Hemisphere - Crisis Averted—What’s Next?, October 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Perspectivas Económicas: Las Américas - Se evitó la crisis ¿Qué sigue ahora?, Octubre de 2009\n  - Perspectivas Económicas: Las Américas - Se evitó la crisis ¿Qué sigue ahora?, Octubre de 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Perspectivas Económicas: Las Américas - Se evitó la crisis ¿Qué sigue ahora?, Octubre de 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Release\n- Regional Economic Outlooks\n- IMF Regional Reports\n- World Economic Outlook\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere6"
    }
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    "[Markdown version](/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere6/index.md)",
    "[Structured JSON version](/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere6/index.json)",
    "[Bundle manifest](/en/publications/reo/wh/issues/2017/01/07/regional-economic-outlook-western-hemisphere6/bundle-manifest.json)",
    "Published: October 21, 2009",
    "Series: Western Hemisphere",
    "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.",
    "Preface",
    "Executive Summary (20 kb PDF file)",
    "I. Global, U.S., and Canadian Outlook",
    "II. Latin America and the Caribbean: Developments and Outlook",
    "III. Why Has Latin America and the Caribbean Fared Better This Time? The Value of Being Prepared",
    "IV. Fiscal Policy Response to the Crisis: How Much Room for Countercyclical Policy?",
    "Regional and fiscal indicator tables",
    "Boxes included in the report (selection)",
    "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.",
    "**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**",
    "[Press Release](https://www.imf.org/external/np/sec/pr/2009/pr09364.htm)",
    "[Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)",
    "[IMF Regional Reports](https://www.imf.org/external/pubs/cat/region.asp)",
    "[World Economic Outlook](https://www.imf.org/external/pubs/ft/weo/2009/02/index.htm)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)"
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