The World Economy

2007 ◽  
Vol 200 ◽  
pp. 7-30 ◽  
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Housing Markets ◽  
Housing Investment ◽  
The Past ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
Monetary Authorities ◽  
Rates Of Growth

The global economy expanded by 5.3 per cent in 2006, one of the fastest rates of growth in the past 35 years. We project further expansions of 5 per cent this year and 4¾ per cent in 2008. The key risks to the forecast that we highlight in this Review relate to global housing markets and the current stance of monetary policy. The US economy is restrained by the recent correction in its housing market, which is expected to continue to weigh on the economy through 2008. There is some concern that the housing investment downturn may spread to other economies, and in this report we explore the areas most at risk to such a contagion. We also consider the recent volatility in the oil price, which makes it difficult for monetary authorities to distinguish signal from noise. If too much emphasis is placed on what subsequently turns out to be noise, policy settings could turn out to be overly lax or stringent.

At A Glance…: The world economy

2006 ◽  
Vol 196 ◽  
pp. 2-3
Keyword(s):  
Interest Rates ◽  
Euro Area ◽  
Global Economy ◽  
World Economy ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
Global Growth

• Global growth will remain rapid over the next two years, with world GDP rising by 4.8 per cent in 2006 and 4.5 per cent in 2007.• China's growing weight in the global economy is a key reason why interest rates have been unusually low.• The US economy will grow by 3.3 per cent this year and 2.9 per cent in 2007.• Japan will expand by 2.9 per cent in 2006 and 2.3 per cent next year.• The Euro Area will grow by 2.1 per cent this year and 2.0 per cent in 2007.

scholarly journals Character of the present financial crisis in USA and its possible global consequences

2008 ◽  
Vol 60 (4) ◽  
pp. 431-455
Author(s):  
Zaklina Petrac-Stepanovic
Keyword(s):  
Financial Crisis ◽  
Global Economy ◽  
World Economy ◽  
Financial System ◽  
Real Estate Market ◽  
Current Crisis ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
National Economies

The US economy is facing the first big financial crisis in the 21st century. The author points out that the current crisis is much different from the previous ones by its characteristics, causes, consequences it produces on the world economy and international financial system in particular. The problems that were noticeable in the US loan market in the second half of 2007, which have escalated into a crisis of the financial system in 2008 creating instability in the world financial markets, were mostly caused by the losses on the American real estate market. For the fact that the highly integrated world economy has enabled rapidly and easily transmission the effects of real and monetary trends, reducing, on the other hand, the countries' prospects to protect their economies and populations from their effects it is evident that the way the US manages its financial system has the exceptional significance beyond USA, too. As the increasing number of countries is facing with direct or indirect effects of the current crisis it is in the interest of all those that undertaking actions to stop further negative repercussions on their national economies and ensure global economy growth. .

scholarly journals Leveling the American model of economic development in the context of globalization

2021 ◽  
pp. 0
Author(s):  
Vladimir Vasiliev
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Economic Model ◽  
World Economy ◽  
American Exceptionalism ◽  
The United States ◽  
The Past ◽  
Us Economy ◽  
The Us ◽  
The World

The article critically analyzes the American economic model, focusing on the historical strengths of the US economy. It is pointed out that among American economists there is a different understanding of the specifics of the American economic model, which, along with its strengths, has many weaknesses and vulnerabilities. At the same time, it is stated that the concept of the "American economic model" is predominantly ideological in nature, reflecting the historically formed ideology of the American exceptionalism applied to the economic sphere of society. In the context of globalization, there is a process of leveling out many elements of the American economic system, claiming to be elevated to a certain kind of absolute, which are becoming widespread in the economies of other highly developed countries, since the globalization of the world economy over the past 25-30 years was built on the premises of the maximum possible free movement of capital, labor, goods and services. As a result, many parameters of the American economic system undergo evolutionary changes in which they increasingly become similar to the parameters of the economies of other countries. In addition, the practice of compiling the system of national economic accounts, which has formed over the past 70 years under the auspices of the UN, is based on the idea of their unification and applicability to economies with different levels of economic development without highlighting specific qualitative characteristics inherent in the economies of different countries. In parallel, economic modeling, including using econometric methods, practiced in American universities and think tanks, is also based on abstract models, which are based solely on quantitative indicators omitting the specific qualitative properties of the economy of each country, including the US economy. The parameters of the American economic system that evolve over time are turning into a steady reduction in the dominant role of the United States in the world economy, taken in terms of their share in world GDP, which has almost halved since 1960, from 40% to 24%, and according to the American forecasts will tend to decline further in the near foreseeable future.

The World Economy

2007 ◽  
Vol 199 ◽  
pp. 8-33
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Oil Prices ◽  
Forecast Horizon ◽  
Fiscal Stimulus ◽  
The Us ◽  
The World ◽  
Rates Of Growth ◽  
Global Growth ◽  
Purchasing Power Parities

Our estimates indicate that global output, measured in terms of purchasing power parities, expanded by 5.3 per cent in 2006. This is one of the fastest rates of growth recorded in the last 35 years, when global growth averaged 3.7 per cent per annum. We forecast a further expansion of 5 per cent this year, with the global economy projected to remain strong throughout our forecast horizon to 2013. Prospects for growth in both 2006 and 2007 have improved slightly over the last three months, due to a decline in oil prices, a more favourable outlook for the US and no sign of a significant slowdown in China. While growth at the global and OECD level is expected to moderate this year relative to 2006, we are projecting a modest acceleration in Japan, boosted by a small fiscal stimulus and recent gains in external competitiveness.

The World Economy through the Lens of the United Nations

2018 ◽  
Keyword(s):  
World War Ii ◽  
United Nations ◽  
Global Economy ◽  
World Economy ◽  
Social Conditions ◽  
Policy Recommendations ◽  
The Past ◽  
The World ◽  
World Economic ◽  
The United Nations

This volume documents the intellectual influence of the United Nations through its flagship publication, the World Economic and Social Survey (WESS) on its seventieth anniversary. Prepared at the Department of Economic and Social Affairs (DESA) and first published in 1948 as the World Economic Report (subsequently renamed the WESS), it is the oldest continuous post-World War II publication of this kind, recording and analysing the performance of the global economy and social development trends, and offering relevant policy recommendations. This volume highlights how well WESS has tracked global economic and social conditions, and how its analyses have influenced and have been influenced by the prevailing discourse over the past seven decades. The volume critically reflects on its policy recommendations and their influence on actual policymaking and the shaping of the world economy. Although world economic and social conditions have changed significantly over the past seven decades and so have the policy recommendations of the Survey, some of its earlier recommendations remain relevant today; recommendations in WESS provided seven decades ago seem remarkably pertinent as the world currently struggles to regain high levels of employment and economic activity. Thus, in many ways, WESS was ahead of the curve on many substantive issues. Publication of this volume will enhance the interest of the wider community of policymakers, academics, development practitioners, and members of civil society in the analytical work of the UN in general and UN-DESA in particular.

United States and Its Challenge to Multilateralism in the Global Economy

2018 ◽  
Vol 74 (4) ◽  
pp. 402-419
Author(s):  
Krishnakumar S.
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Foreign Exchange Market ◽  
Bilateral Trade ◽  
Developing Economies ◽  
The United States ◽  
The Us ◽  
The World ◽  
Merchandise Trade

With Donald Trump as President of United States, multilateralism in the world economy is facing an unprecedented challenge. The international economic institutions that have evolved since the fifties are increasingly under the risk of being undermined. With the growing assertion of the emerging and developing economies in the international fora, United States is increasingly sceptical of its ability to maneuvre such institutions to suit its own purpose. This is particularly true with respect to WTO, based on “one country one vote” system. The tariff rate hikes initiated by the leader country in the recent past pose a serious challenge to the multilateral trading system. The paper tries to undertake a critical overview of the US pre-occupation of targeting economies on the basis of the bilateral merchandise trade surpluses of countries, through the trade legislations like Omnibus Act and Trade Facilitation Act. These legislations not only ignore the growing share of the United States in the growing invisibles trade in the world economy, but also read too much into the bilateral trade surpluses of economies with United States and the intervention done by them in the foreign exchange market.

At a Glance…

2010 ◽  
Vol 212 ◽  
pp. F2-F2
Keyword(s):  
Euro Area ◽  
World Trade ◽  
World Economy ◽  
Chinese Economy ◽  
List Type ◽  
Us Economy ◽  
The Us ◽  
The World

The world economy will expand by 3.9 per cent in 2010 and 3.8 per cent in 2011.World trade will increase by 9.6 per cent this year and 5.7 per cent in 2011.The Chinese economy will grow by 9.8 per cent in 2010 and 9 per cent next year.Japanese GDP will expand by 2 per cent this year and 1.5 per cent in 2011.The US economy will grow by 2.9 per cent in 2010 and 2.7 per cent next year.The Euro Area will expand by 1.2 per cent this year and 1.8 per cent in 2011.

The World Economy

2003 ◽  
Vol 183 ◽  
pp. 8-33
Keyword(s):  
South America ◽  
World Economy ◽  
Consumer Demand ◽  
Modest Improvement ◽  
Cyclical Variation ◽  
The Past ◽  
The Us ◽  
The World ◽  
The Eu

Risks of a US driven slowdown in world activity have receded in the past few months, as US consumer demand remains robust. However, a worsened outlook for Germany and Japan suggests that the recovery will be more gradual than previously anticipated, in part as a consequence of the strengthening of the euro and the yen against the dollar in recent months. We estimate that world growth recorded a modest improvement in 2002, rising to 2.7 per cent from 2.2 per cent in 2001. However, regional cyclical variation increased last year. While 2001 saw a sharp slowdown in growth across all the major regions of the world, with the world's three largest economies recording outright recessions, growth accelerated last year in the US, China and Dynamic Asia, but slowed further in the EU, Japan and South America.

Prospects for the global economy to end-2019

2019 ◽  
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
Content Type ◽  
The Us ◽  
The World

Subject Prospects for the global economy to end-2019. Significance The world economy is likely to grow by around 3% this year. This is the lower end of the 3.0-3.5% range expected six months ago. World trade is weakening amid the US-China conflict and productivity is not picking up. China is expanding fiscal policy and others may follow, perhaps Germany and the United States. Monetary tightening is off the table and some countries may loosen policy. However, this will mainly shore up growth rather than raising it.

The World Economy

2008 ◽  
Vol 204 ◽  
pp. 9-14 ◽  
Keyword(s):  
Financial Crisis ◽  
Global Economy ◽  
World Economy ◽  
Large Scale ◽  
Banking System ◽  
The Us ◽  
The World ◽  
English Speaking ◽  
English Speaking World ◽  
Mortgage Defaults

A financial crisis, rooted in US mortgage defaults, has been building for several years. Its effects have seriously damaged the prospects for the global economy, and have particularly serious consequences for the English speaking world. Unsound lending permitted by poor regulation and worsened by lax bankruptcy laws has led the US, and potentially the rest of the OECD, to the brink of a large-scale recession. The scale of the potential slowdown depends upon the scale of losses to the banking system and their impacts on the ability of the banking system to lend.

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