Shake it All About: Free Exchange  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 402 no. 8769 (Jan. 2012), page 67.
Topik: Economic Crisis; Developing Countries--LDCs; Economic Growth; Emerging Markets; Budget Deficits

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.70 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The downturn in the euro area and the wobbly recovery in America have already taken their toll on the emerging world. Setting China's still-bouncy economy to one side, the average growth rate in other developing countries is estimated to have slumped to an annual rate of less than 3% in the fourth quarter of 2011, from 6.5% in the first quarter. Some of that slowdown was the result of policy tightening to cool overheating economies and curb inflation, but it also reflects weaker exports and reduced capital inflows. If the euro-area debt crisis worsens, things will get nastier for emerging economies. The good news is that whereas most rich countries have little or no room to cut interest rates or to increase public borrowing, emerging markets as a group still have lots of monetary and fiscal firepower at their disposal. That room for manoeuvre served developing countries well during the downturn of 2008-09: monetary and fiscal easing was more effective in boosting demand than it was in the rich world, thanks to healthier private-sector balance-sheets. Although the emerging markets have less room for easing now than they did in 2008, when they collectively ran a small surplus on their budgets, their average budget deficit last year was only 2% of GDP, against 8% in the G7 economies.

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