Contents
Preface vii
Assumptions and Conventions viii
Country and Regional Groupings ix
Highlights and World Economic Outlook 1
5
Principaux points des Perspectives économiques régionales 6
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1. MENAP Oil Exporters: Well Placed to Focus on Medium-Term Challenges 13
The Postcrisis Recovery Continues 13
Less Pressure on Government Budgets 17
Accommodative Monetary Policy May Soon Have to Shift Gears 20
Refocusing Medium-Term Fiscal Policy 20
Moving on Financial Sector Development 21
2. MENAP Oil Importers: Adjusting to New Global Growth Patterns 27
Recovery Gathers Momentum 27
Fiscal Consolidation Under Way 30
Monetary Policy Can Remain Accommodative 31
Current Growth Too Low to Address Unemployment 32
Greater Competitiveness Key to Lifting Growth 33
Annex 2.1. 18 Million Jobs Needed: Raising Growth and Labor Market Responsiveness 37
3. The Caucasus and Central Asia: Challenges Beyond the Crisis 41
Recovery Gains Traction 42
Banking Sectors Are Not Out of the Woods, Yet 44
Macroeconomic Policies as Recovery Gathers Momentum 46
Fiscal Policy Should Aim for Consolidation in 2011 46
Monetary Policy Can Remain Accommodative, Mostly 48
Addressing External Vulnerabilities 48
Annex 3.1. Strengthening Monetary Transmission in the CCA 50