## IMF World Economic Outlook (WEO)-- April 2003

_World Economic Outlook, April 9, 2003_

## Source details

**Canonical URL:** [IMF World Economic Outlook (WEO)-- April 2003](https://www.imf.org/en/publications/weo/issues/2016/12/31/growth-and-institutions)

## Other formats

- [Markdown version](/en/publications/weo/issues/2016/12/31/growth-and-institutions/index.md)
- [Structured JSON version](/en/publications/weo/issues/2016/12/31/growth-and-institutions/index.json)
- [Bundle manifest](/en/publications/weo/issues/2016/12/31/growth-and-institutions/bundle-manifest.json)

## Bibliographic details
- Published: April 9, 2003
- Series: World Economic Outlook

---

### Chapter I — Economic Prospects and Policy Issues
- File size: 497k pdf file
- Major regional and thematic analyses listed:
  - North America: How Long Will the "Soft Spot" in the United States Last?
  - Western Europe: Weak Growth (Particularly in Germany) and Delayed Recovery
  - Japan: Weak Economy Underlines Need to End Deflation
  - Latin America: Spreads Declining But Significant Vulnerabilities Remain
  - Asia-Pacific Region: Has Growth Become Less Reliant on Global Developments?
  - European Union Candidates: Accession Underlines Fiscal Challenges That Lie Ahead
  - Commonwealth of Independent States: Oil Strength Masking Non-oil Weaknesses
  - Africa: Stability and Reforms Remain the Keys to Growth
  - Middle East: Managing the Demographic Transition
- Appendices and thematic boxes:
  - Appendix 1.1. Commodity Markets
  - Appendix 1.2. How Will the War in Iraq Affect the Global Economy?
  - Boxes: 1.1 Could Deflation Become a Global Problem?; 1.2 Is the New Economy Dead?; 1.3 How Important Are Banking Weaknesses in Explaining Germany's Stagnation?
- Selected tables and special analyses:
  - Overview of the World Economic Outlook Projections
  - Advanced Economies: Real GDP, Consumer Prices, and Unemployment
  - Emerging Market Economies: Net Capital Flows
  - 1.4 Selected Economies: Current Account Positions
  - 1.5 Major Advanced Economies: General Government Fiscal Balances and Debt
  - 1.12 Impact of a Permanent $5 a Barrel Increase in Oil Prices After One Year
  - 1.13 Effects of Business Confidence on Economic Activity in Selected Industrial Countries
  - 1.14 Stock Market Effects on Economic Activity in Selected Industrial Countries
- Figures and topics covered by figures:
  - Global Indicators; Current and Forward-Looking Indicators; Developments in Mature Financial Markets; Emerging Market Financial Conditions; Fiscal and Monetary Easing in the Major Advanced Countries; Global Outlook
  - Country/region specific figures: United States: Business Cycle; Euro Area: Divergences in Cyclical Positions, Structural Fiscal Balances, and Real Interest Rates; Japan: Deflationary Expectations Worsening
  - Specialized figures: 1.15 Middle East and North Africa: Managing the Demographic Transition; 1.16 Oil Prices and Production; 1.17 Nonfuel Commodity Markets
  - Regional development figures: Selected Western Hemisphere Countries; Asia: External Demand and Growth; Russia: Oil Strength Masking Non-oil Weaknesses; Africa: Growth Is Highly Influenced by Country-Specific Shocks

### Chapter II — When Bubbles Burst
- File size: 352k pdf file
- Focus: Real and financial effects of bursting asset price bubbles; corporate fragility and investment; what's different about the recent bubble?
- Appendices and empirical material:
  - Appendix 2.1. Identifying Asset Price Booms and Busts
  - 2.1 A Historical Perspective on Booms, Busts, and Recessions
  - 2.2 Corporate Financial Conditions and the Severity of U.S. Recessions
  - 2.3 How Do Balance Sheet Vulnerabilities Affect Investment?
- Tables and figures listed:
  - Equity and Housing Price Bear Markets in Industrial Countries
  - Relative Contributions to Output Growth Before and After Asset Price Busts
  - Equity and Housing Price Declines; Comparing Cross-Border Synchronization
  - 2.4 Equity and Housing Price Busts: Financial Associations
  - 2.5 Equity and Housing Price Busts: Implications for Banks
  - 2.6 The Recent Equity Price Bust in Perspective
  - Corporate financial indicators and leverage tables: 2.7 through 2.13, including United States and Euro Area corporate indicators
- Multimedia:
  - Video Webcast: The Real and Financial Effects of Bursting Asset Price Bubbles — By Thomas Helbling and Marco Terrones (first essay in Chapter II) — Transcript available
  - Video Webcast: Corporate Fragility and Investment: What's Different About the Recent Bubble? — By Luis Catão (second essay in Chapter II)

### Chapter III — Growth and Institutions
- File size: 348k pdf file
- Major themes:
  - Some Background Considerations; Empirical Analysis and Assessment; Institutional Reform in Practice
  - Institutional Development: The Influence of History and Geography (3.1)
  - Have External Anchors Accelerated Institutional Reform in Practice? (3.2)
  - Promoting Stronger Institutions and Growth: The New Partnership for Africa's Development (3.3)
  - Institutional Development: The Role of the IMF (3.4)
- Empirical appendices and regression analyses:
  - Appendix 3.1. Do Institutions Drive Economic Performance?
  - 3.5 GDP per Capita and Institutions: Regression Results
  - 3.6 Growth, Institutions, and Policies: Regression Results
  - 3.7 Volatility, Institutions, and Policies: Regression Results
  - 3.8 Income per Capita and Policies
  - 3.9 Growth, Institutions, and Policies
  - 3.10 Changes in the Rule of Law
- Figures and analytical topics:
  - Economic Development; Correlation Between Institutions and Economic Performance; Effects of Institutions and Policy on Growth and Volatility; Selected Summary Statistics
  - Growth and Policies in Selected Advanced and Developing Economies; Relationship Between Income and Institutions; Income per Capita and Selected Institutions; Economic Outcome Measures and Aggregate Governance
  - Income per Capita and Improvements in Institutions; Growth and Improvements in Institutions and Policies; Growth Volatility and Improvements in Institutions and Policies
- Multimedia:
  - Video Webcast: Growth and Institutions — Prepared by Maitland MacFarlan, Hali Edison, and Nicola Spatafora (Chapter III)

### Chapter IV — Unemployment and Labor Market Institutions: Why Reforms Pay Off?
- File size: 271k pdf file
- Core questions addressed:
  - Why Do We Need Labor Market Institutions?
  - Is High Unemployment a Structural Problem?
  - What Is the Effect of Labor Market Institutions on Unemployment?
  - What Are the Quantitative Benefits of Reforms?
- Empirical appendices and modeling:
  - Appendix 4.1. An Empirical Model of Unemployment
  - 4.1 Regional Disparities in Unemployment
  - 4.2 Labor Market Reforms in the European Union
  - 4.3 The Global Economy Model
- Tables and quantitative estimates listed:
  - Three Popular Measures and Their Estimated Effect on the Unemployment Rate
  - Long-Run Effects of More Competition-Friendly Policies in the Euro Area
  - Estimated Effects of Labor Market Institutions on Unemployment in a Panel of 20 OECD Countries, 1960–98
  - Actual and Structural Unemployment Rates; Unemployment and Participation Rates; Unemployment and Vacancy Rates
  - 4.4 Institution-Adjusted Unemployment Rates
  - 4.5 Changes in Labor Market Institutions and Unemployment Rates
  - 4.6 More Employment-Friendly Labor Market Institutions and Unemployment
- Additional materials:
  - 160k pdf file — Annex: Summing Up by the Chairman (file size indicated)
  - 602k pdf file — Statistical Appendix (file size indicated)
- Multimedia:
  - Video Webcast: Unemployment and Labor Market Institutions: Why Reforms Pay off — by Xavier Debrun (Chapter IV)

### Data, Assumptions, and Technical Notes
- Statistical and technical sections included:
  - Statistical Appendix (file size: 602k pdf file)
  - Assumptions; What's New; Data and Conventions
  - Classification of Countries; General Features and Compositions of Groups in the World Economic Outlook Classification
  - Box A.1 Economic Policy Assumptions Underlying the Projections for Selected Advanced Economies

### Media, Webcasts, and Outreach
- Multiple video webcasts and transcripts tied to Chapter essays and presentations
- Email notification sign-up: "Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website."
- "Research at the IMF" link present on the page

*IMF World Economic Outlook (WEO) — April 2003 (page overview content as provided)*

---

## Content in this bundle

- **Box1_1.pdf**
  - [Box1_1.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_box11pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Box1_2.pdf**
  - [Box1_2.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_box12pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Box1_3.pdf**
  - [Box1_3.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_box13pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Box1_3.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_box13pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_10.pdf**
  - [Fig1_10.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig110pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_10.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig110pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_11.pdf**
  - [Fig1_11.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig111pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_11.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig111pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_12.pdf**
  - [Fig1_12.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig112pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_12.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig112pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_13.pdf**
  - [Fig1_13.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig113pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_13.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig113pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_14.pdf**
  - [Fig1_14.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig114pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_14.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig114pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_15.pdf**
  - [Fig1_15.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig115pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_15.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig115pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_16.pdf**
  - [Fig1_16.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig116pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_16.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig116pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_17.pdf**
  - [Fig1_17.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig117pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_17.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig117pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_1.pdf**
  - [Fig1_1.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig11pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_1.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig11pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.2.  Current and Forward-Looking Indicators**
  - [Figure 1.2.  Current and Forward-Looking Indicators (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig12pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2.  Current and Forward-Looking Indicators (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig12pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_3.pdf**
  - [Fig1_3.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig13pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_3.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig13pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_4.pdf**
  - [Fig1_4.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig14pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_4.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig14pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_5.pdf**
  - [Fig1_5.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig15pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_5.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig15pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_6.pdf**
  - [Fig1_6.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig16pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Fig1_6.pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig16pdf.pdf){rel="external" type="application/pdf"}
- **Fig1_7.pdf**
  - [Fig1_7.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig17pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Fig1_8.pdf**
  - [Fig1_8.pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/chp1figs/_fig18pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **Fig1_9.pdf**
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- **World Economic Outlook, April 2003--Annex**
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- **World Economic Outlook, April 2003 -- Statistical Appendix**
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- **WORLD ECONOMIC OUTLOOK
, April 2003 -- Chapter 1: Economic Prospects and Policies**
  - [WORLD ECONOMIC OUTLOOK
, April 2003 -- Chapter 1: Economic Prospects and Policies (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter1pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [WORLD ECONOMIC OUTLOOK
, April 2003 -- Chapter 1: Economic Prospects and Policies (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter1pdf.pdf){rel="external" type="application/pdf"}
- **WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 2: When Bubbles Burst**
  - [WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 2: When Bubbles Burst (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 2: When Bubbles Burst (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter2pdf.pdf){rel="external" type="application/pdf"}
- **World Economic Outlook, April 2003 -- Chapter 3: Growth and Institutions**
  - [World Economic Outlook, April 2003 -- Chapter 3: Growth and Institutions (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter3pdf.pdf.md){rel="alternate" type="text/markdown"}
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- **WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 4: Unemployment and Labor Market Institutions**
  - [WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 4: Unemployment and Labor Market Institutions (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter4pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [WORLD ECONOMIC OUTLOOK, 
April 2003 -- Chapter 4: Unemployment and Labor Market Institutions (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_chapter4pdf.pdf){rel="external" type="application/pdf"}
- **World Economic Outlook, 
April 2003**
  - [World Economic Outlook, 
April 2003 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_frontpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [World Economic Outlook, 
April 2003 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/2003/01/pdf/_frontpdf.pdf){rel="external" type="application/pdf"}
- **Box1-1**
  - [Box1-1 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Box1-1.csv){rel="external" type="application/octet-stream"}
- **Box1-2**
  - [Box1-2 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Box1-2.csv){rel="external" type="application/octet-stream"}
- **Box1-3**
  - [Box1-3 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Box1-3.csv){rel="external" type="application/octet-stream"}
- **Fig1-1**
  - [Fig1-1 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-1.csv){rel="external" type="application/octet-stream"}
- **Fig1-10**
  - [Fig1-10 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-10.csv){rel="external" type="application/octet-stream"}
- **Fig1-11**
  - [Fig1-11 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-11.csv){rel="external" type="application/octet-stream"}
- **Fig1-12**
  - [Fig1-12 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-12.csv){rel="external" type="application/octet-stream"}
- **Fig1-13**
  - [Fig1-13 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-13.csv){rel="external" type="application/octet-stream"}
- **Fig1-14**
  - [Fig1-14 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-14.csv){rel="external" type="application/octet-stream"}
- **Fig1-15**
  - [Fig1-15 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-15.csv){rel="external" type="application/octet-stream"}
- **Fig1-16**
  - [Fig1-16 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-16.csv){rel="external" type="application/octet-stream"}
- **Fig1-17**
  - [Fig1-17 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-17.csv){rel="external" type="application/octet-stream"}
- **Fig1-2**
  - [Fig1-2 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-2.csv){rel="external" type="application/octet-stream"}
- **Fig1-3**
  - [Fig1-3 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-3.csv){rel="external" type="application/octet-stream"}
- **Fig1-4**
  - [Fig1-4 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-4.csv){rel="external" type="application/octet-stream"}
- **Fig1-5**
  - [Fig1-5 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-5.csv){rel="external" type="application/octet-stream"}
- **Fig1-6 — Dataset overview**
  - [Fig1-6 — Dataset overview (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-6.csv){rel="external" type="application/octet-stream"}
- **Fig1-7 — Dataset overview**
  - [Fig1-7 — Dataset overview (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-7.csv){rel="external" type="application/octet-stream"}
- **Fig1-8**
  - [Fig1-8 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-8.csv){rel="external" type="application/octet-stream"}
- **Fig1-9**
  - [Fig1-9 (CSV)](/external/pubs/ft/weo/2003/01/chp1data/Fig1-9.csv){rel="external" type="application/octet-stream"}

---

## References

- [Transcript](https://www.imf.org/external/np/tr/2003/tr030409.htm)
- [Transcript](https://www.imf.org/external/np/tr/2003/tr030403.htm)
- [The WEO Database April 2003](https://www.imf.org/external/pubs/ft/weo/2003/01/data/index.htm)
- [Other
issues of the World Economic Outlook](https://www.imf.org/external/ns/cs.aspx?id=29)
- [Research
at the IMF](https://www.imf.org/external/pubs/res/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)
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- [Transcript](https://www.imf.org/en/publications/weo/issues/2016/12/31/wc040303.htm)
- [Video Webcast](https://www.imf.org/external/mmedia/view.asp?eventID=159)
- [Video Webcast](https://www.imf.org/external/mmedia/view.asp?eventID=160)
- [https://www.imf.org/external/mmedia/view.asp?eventID=161](https://www.imf.org/external/mmedia/view.asp?eventID=161)

_Source: https://www.imf.org/en/publications/weo/issues/2016/12/31/growth-and-institutions_