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Otaviano Canuto, IMF: Trade Opening Could Be a Source of Growth for Brazil
International trade has undergone a radical transformation in the past decades as production processes have fragmented along cross-border value chains. The Brazilian economy has remained on the fringes of this production revolution, maintaining a very high density of local supply
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Otaviano Canuto, IMF: How Commodity-Dependent Are Latin American Economies?
The end of the upswing phase of the commodity price super-cycle, after its peak in 2011, has lowered economic growth prospects in most of Latin America. While that broad statement can hardly be disputed, Chapter 3 of the latest IMF
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All Eyes on Greece: Is the IMF Asking for More than PM Tsipras Can Deliver?
Financial markets around the world slipped today on growing fears that Greece may be unable to reach an agreement with her international creditors and thereby default on a $1.6 billion loan repayment due this month. Failure to repay could result
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The Time Is Now: Paradigm Shift Signals Opportunity
Few people realise that in 2013 a turning point was reached. In that year, emerging economies displaced developed markets as the main engines of global economic growth. This was not a one-off event or an oddity: it signalled no less
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Ghana: Crisis as a Hallmark of Enduring Success
A solid mechanism has been put in place with Norwegian assistance to ensure that the proceeds from Ghana’s newly found offshore oilfields are spent wisely and to the benefit of the entire nation. A sovereign wealth fund is to receive
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World Bank Group: A Promising New Resource for Development – The Potential of Sovereign Wealth Funds
Mobilizing finance for long-term, large-scale direct investment in development is a daunting global challenge. However, a growing and potentially vast source of capital seems poised to transform the process of financing development, reducing poverty and building shared prosperity in some
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IMF on MENAP: Call for Focus on Job Creation
The near-term economic outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region has weakened. Difficult political transitions and increased regional uncertainties arising from the complex civil war in Syria and the ongoing developments in Egypt weigh on
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US Political Strife Threatens to Derail IMF Reforms
The International Monetary Fund (IMF) has been reduced to a bargaining chip. Its request for $63bn (£38.3bn) in additional funding was unceremoniously discarded by the Appropriations Committee of the US House of Representatives where it fell victim to the increasingly
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Cyprus on the Mend?
By Delia Velculescu, IMF Mission Chief for Cyprus Speech given at the Economist Conference, Nicosia, November 25, 2013 Much has already been accomplished in the relatively short time since the approval of the stability program for Cyprus. Let me give three
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Global Interconnections and Spillovers
Extracts from a Speech By Christine Lagarde, Managing Director, International Monetary Fund U.S. Chamber of Commerce, September 19, 2013 I. The Global Economy Today I recently returned from the G-20 Summit in St. Petersburg—where I know that the Chamber was
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