{"title":"Global Economic Prospects","description":null,"products":[{"product_id":"global-economic-prospects-january-2015-book-world-bank-9781464804441","title":"Global Economic Prospects, January 2015","description":"As in previous years, global growth disappointed in 2014, but a lackluster recovery is underway, with increasingly divergent prospects in major economies and developing countries. Looking ahead, growth is expected to rise slowly, supported by continued recovery in high-incomecountries, low oil prices, and receding domestic headwinds in developing economies. However, continued weak global trade growth and gradually tightening financial conditions will constrain the recovery. Risks to the outlook remain tilted to the downside.In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes four essays that analyze key challenges and opportunities currently confronting developing countries: fiscal policy as a countercyclical policy tool; causes and implications of cheap oil; weak trade that fails to act as an engine of growth; and remittances as a means of steadying consumptionduring sudden stops.Global Economic Prospects is a World Bank Group Flagship Report. On a semiannual basis (January and June), it examines global economic developments and prospects, with a special focus on developing countries. 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Global financing conditions have tightened, industrial production has moderated, trade tensions have intensified, and some large emerging market and developing economies have experienced significant financial market stress. Faced with these headwinds, the recovery in emerging market and developing economies has lost momentum. Downside risks have become more acute and include the possibility of disorderly financial market movements and an escalation of trade disputes. Debt vulnerabilities in emerging market and developing economies, particularly low-income countries, have increased. More frequent severe weather events would raise the possibility of large swings in international food prices, which could deepen poverty. In this difficult environment, it is of paramount importance for emerging market and developing economies to rebuild policy buffers while laying a stronger foundation for future growth by boosting human capital, promoting trade integration, and addressing the challenges associated with informality","brand":"WoB","offers":[{"title":"GB \/ NEW \/ GARDNERS","offer_id":49730292613393,"sku":"NGR9781464813436","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52486477873425,"sku":"NLS9781464813436","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53334883402001,"sku":"NIN9781464813436","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1464813434.jpg?v=1763220350"},{"product_id":"global-economic-prospects-book-world-bank-group-9781464816123","title":"Global Economic Prospects","description":"Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. 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Risks to the outlook, while more balanced, are still tilted to the downside, including the possibility of escalating geopolitical tensions, further trade fragmentation, and higher-for-longer interest rates. Natural disasters related to climate change could also hinder activity. Subdued growth prospects across many emerging market and developing economies and continued risks underscore the need for decisive policy action at the global and national levels. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). 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Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). 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In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes a chapter on the causes of the broad-based slowdown in potential growth and suggests a number of remedies. The report also contains Special Focus sections on the impact of the 2014-16 oil price collapse and the relationship between education demographics and global inequality.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52542213718289,"sku":"NLS9781464811630","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":53252163076369,"sku":"NIN9781464811630","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781464811630.jpg?v=1763224675"},{"product_id":"global-economic-prospects-june-2018-book-world-bank-group-9781464812576","title":"Global Economic Prospects, June 2018","description":"Global growth has eased but remains robust and is projected to reach 3.1 percent in 2018. It is expected to edge down in the next two years, to 2.9 percent by 2020, as global slack dissipates, trade and investment moderate, and financing conditions tighten. Growth in advanced economies is predicted to decelerate toward potential rates as monetary policy normalizes and the effects of U.S. fiscal stimulus wane. In emerging market and developing economies (EMDEs), growth in commodity importers will remain robust, while the rebound in commodity exporters is projected to mature during the next two years. Progress in per capita income growth will be uneven, however, remaining particularly subdued in Sub-Saharan Africa. Risks to the outlook remain tilted to the downside. The possibilities of escalating trade protectionism and disorderly financial market movements have increased substantially in recent months, and the risk of heightened geopolitical tensions continues to cloud the outlook. EMDE policymakers need to rebuild monetary and fiscal policy buffers and be prepared for rising global interest rates and possible episodes of financial market turbulence. In the longer run, EMDEs need to tackle ongoing structural challenges and boost potential growth, by promoting competitiveness, adaptability to technological change, and trade openness. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). 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This volume addresses, among other topics, spillovers from large emerging markets and macroeconomic vulnerabilities during resource development.Global Economic Prospects is a World Bank Group Flagship Report. Semiannually (January and June), it examines global economic developments and prospects, with a special focus on developing countries. 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After more than two years of pandemic, Russia's invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The war has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to the vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52689416552721,"sku":"NLS9781464818431","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52749850673425,"sku":"NIN9781464818431","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781464818431.jpg?v=1773482766"},{"product_id":"global-economic-prospects-june-2020-book-world-bank-group-9781464815539","title":"Global Economic Prospects, June 2020","description":"The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, despite unprecedented policy support. The global recession would be deeper if countries take longer to bring the pandemic under control, if financial stress triggers defaults, or if there are protracted effects on households and firms. Economic disruptions are likely to be more severe and protracted in emerging market and developing economies with larger  domestic outbreaks and weaker medical care systems; greater exposure to international spillovers through trade, tourism, and commodity and financial markets; weaker macroeconomic frameworks; and more pervasive informality and poverty. Beyond the current steep economic contraction, the pandemic is likely to leave lasting scars on the global economy by undermining consumer and investor confidence, human capital, and global value chains. Being mostly a reflection of the recent plunge in global energy demand, low oil prices are unlikely to provide much of a boost to global growth in the near term. While policymakers' immediate priorities are to address the health crisis and moderate the short-term economic losses, the likely long-term consequences of the pandemic highlight the need to forcefully undertake comprehensive reform programs to improve the fundamental drivers of economic growth, once the crisis abates.  Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). 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Risks to theglobal outlook remain tilted to the downside. These include increasedtrade protectionism, elevated economic policy uncertainty, thepossibility of financial market disruptions, and, over the longer term,weaker potential growth. A policy priority for EMDEs is to rebuildmonetary and fiscal space that could be drawn on were such risksto materialize. Over the longer term, structural policies that supportinvestment and trade are critical to boost EMDE productivity andpotential growth.In addition to discussing global and regional economic developmentsand prospects, this edition of Global Economic Prospects includestwo Special Focus essays of critical importance for emerging anddeveloping economies: an analysis of fiscal positions in EMDEs and adeeper look at the type of firms most affected by post-crisis tradeweakness.Global Economic Prospects is a World Bank Group Flagship Reportthat examines global economic developments and prospects, witha special focus on emerging market and developing countries,on a semiannual basis (in January and June). 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