Assumptions and Conventions
Further Information and Data
Preface
Foreword
Executive Summary
Chapter 1. Global Prospects and Policies
Recent Developments
What Went Wrong in the Euro Area?
Prospects
Risks
Policy Challenges
Special Feature: Commodity Market Review
References
Chapter 2. Country and Regional Perspectives
Europe:
Crisis, Recession, and Contagion
The United States and Canada:
Regaining Some Traction
Asia:
Growth Is Moderating
Latin America and the Caribbean:
On a Glide Path to Steady Growth
Commonwealth of Independent States:
Commodity Prices Are the Main Spillover Channel
Middle East and North Africa:
Growth Stalled, Outlook Uncertain
Sub-Saharan Africa:
Resilience Should Not Breed Complacency
Spillover Feature:
Cross-Border Spillovers from Euro Area Bank Deleveraging
References
Chapter 3. Dealing with Household Debt
How Household Debt Can Constrain Economic Activity
Dealing with Household Debt: Case Studies
Summary and Implications for the Outlook
Appendix 3.1. Data Construction and Sources
Appendix 3.2. Statistical Methodolog
and Robustness Checks
References
Chapter 4. Commodity Price Swings and Commodity Exporters
Commodity Price Swings and Macroeconomic Performance
Commodity Market Drivers and
Their Macroeconomic Effects
Optimal Fiscal Policy Responses to
Commodity Market Shocks
Global Spillovers from Domestic Policies
in Commodity Exporters
Conclusions and Policy Lessons
Appendix 4.1. Data Description
Appendix 4.2. Statistical Properties of
Commodity Price Cycles
Appendix 4.3. Description of the Vector Autoregression Model
Appendix 4.4. The Basic Features of the GIMF and
Its Application to a Small,Open Oil Exporter
References
Annex: IMF Executive Board Discussion of the Outlook, March 2012
Statistical Appendix
Assumptions
What’s New
Data and Conventions
Classification of Countries
General Features and Composition of Groups in the
World Economic Outlook Classification
Table A. Classification by World Economic
Outlook Groups and Their Shares in Aggregate GDP,
Exports of Goods and Services, and Population, 2011
Table B. Advanced Economies by Subgroup
Table C. European Union
Table D. Emerging and Developing Economies by Region
and Main Source of Export Earnings
Table E. Emerging and Developing Economies by Region,
Net External Position,and Status as Heavily
Indebted Poor Countries Box A1.
Economic Policy Assumptions
Underlying the Projections for Selected Economies
List of Tables
Output (Tables A1–A4)
Inflation (Tables A5–A7)
Financial Policies (Table A8)
Foreign Trade (Table A9)
Current Account Transactions (Tables A10–A12)
Balance of Payments and External Financing
(Tables A13–A14)
Flow of Funds (Table A15)
Medium-Term Baseline Scenario (Table A16) World Economic Outlook, Selected Topics