Harnessing the Global Recovery : A Tough Road Ahead
Compared with the past three years, 2014
seems hopeful and 2015 can be a turning point for Middle
East and North Africa (MENA) countries. After a slowdown in
2013, recovery in high income economies is expected to boost
global growth to 3.2 percent in 2014, an increase of 0.8
percent from 2013. Global output is to improve further in
2015 with real gross domestic product (GDP) growth of 3.4
percent. In addition to growth expansion in the United
States, the United Kingdom, as well modest recovery in the
Euro zone countries, global growth will continue to be
driven by growth in developing countries, expected to be
between 5.3 to 5.5 percent in 2014 and 2015 respectively,
led by China and India. Higher global demand is expected to
boost MENA energy and manufactured exports in countries that
have trade linkages with high-income countries. MENA
countries share many structural problems that have prevented
economies from moving to a higher, sustainable growth path.
Fiscal spending in almost all MENA countries is dominated by
a large civil-service wage bill and general subsidies. The
global recovery remains fragile and downside risks,
including continued low inflation in high-income economies,
can weaken demand and delay economic recovery.
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Bibliographic Details
| Main Author: |
Mottaghi, Lili |
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| Language: | English
en_US |
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| Published: |
World Bank, Washington, DC
2014-04
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| Subjects: | AVERAGE INCOMES,
BUDGET DEFICIT,
BUDGET DEFICITS,
CASH TRANSFERS,
COMMODITY,
CREDIT GROWTH,
DEBT,
DEVELOPING COUNTRIES,
DEVELOPING REGIONS,
DIVERSIFICATION,
DOMESTIC SECURITY,
ECONOMIC ACTIVITY,
ECONOMIC DIVERSIFICATION,
ECONOMIC PERFORMANCE,
ECONOMIC SHOCKS,
EXPORTS,
EXTERNAL FINANCING,
EXTERNAL SHOCKS,
EXTREME POVERTY,
FISCAL DEFICIT,
FISCAL DEFICITS,
FLOW OF FUNDS,
FOREIGN DIRECT INVESTMENT,
FOSTER COMPETITION,
GINI COEFFICIENT,
GLOBAL OUTPUT,
GOVERNMENT SPENDING,
GROWTH RATE,
GROWTH RATES,
HOLDING,
INCOME,
INCOME GROWTH,
INCOME INEQUALITY,
INFLATION RATE,
INFRASTRUCTURE INVESTMENTS,
INTANGIBLE,
LABOR FORCE,
LABOR MARKETS,
LOW INFLATION,
NATURAL CAPITAL,
OIL EXPORTERS,
OIL PRICE,
OIL PRICES,
POVERTY LINE,
POVERTY RATE,
PUBLIC DEBT,
PUBLIC INVESTMENT,
PUBLIC SECTOR,
RAPID GROWTH,
REAL GDP,
REDUCTION IN POVERTY,
REGIONAL GROWTH,
REGIONAL GROWTH RATES,
REGIONAL UNEMPLOYMENT,
REMITTANCES,
RESERVES,
RICH COUNTRIES,
SAFEGUARDS,
SAVINGS,
SECTOR ACTIVITY,
STRUCTURAL PROBLEMS,
SUSTAINABLE GROWTH,
TRADING,
TRANSITION COUNTRIES,
UNEMPLOYMENT,
UNEMPLOYMENT RATE,
VOLATILITY,
WAGES,
WEALTH, |
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| Online Access: | http://documents.worldbank.org/curated/en/2014/04/20144323/harnessing-global-recovery-tough-road-ahead
https://hdl.handle.net/10986/20548
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