Regional Economic Outlook, May 2009, Western Hemisphere: Stronger Fundamentals Pay Off
Western Hemisphere, May 5, 2009
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- Regional Economic Outlook, May 2009, Western Hemisphere: Stronger Fundamentals Pay Off
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Bibliographic details
- Published: May 5, 2009
- Series: Western Hemisphere
- DOI: https://doi.org/10.5089/9781589068438.086
Overview
- Publication title: Regional Economic Outlook, May 2009, Western Hemisphere: Stronger Fundamentals Pay Off
- Date: May 5, 2009
- Summary (verbatim): "The global crisis that began in advanced economies has sent severe shocks around the world, posing a test to the economies of Latin America and the Caribbean. The good news is that during this decade the region has made itself more resilient to external shocks, by strengthening policy frameworks and reducing vulnerabilities in its public finances and financial systems. These preparations, the report shows, mean that countries are now more able to respond to the external crisis, many for the first time, with active policies to boost output and employment and protect the most vulnerable groups. This will help contain the damage from the global crisis and speed up the region’s recovery."
Key findings and analysis
- The global crisis originated in advanced economies and transmitted "severe shocks" to Latin America and the Caribbean.
- Over the decade preceding 2009, the region strengthened policy frameworks and reduced vulnerabilities in:
- public finances
- financial systems
- These strengthened fundamentals increased the region's resilience to external shocks and improved countries' ability to:
- respond with active policies to boost output and employment
- protect the most vulnerable groups
- The report asserts that these responses "will help contain the damage from the global crisis and speed up the region’s recovery."
Policy implications and recommendations
- Active policy responses by countries in the region are highlighted as key tools to:
- boost output
- boost employment
- protect vulnerable groups
- Strengthening policy frameworks and reducing vulnerabilities in public finances and financial systems are presented as preparatory actions that enhance crisis-response capacity.
Subject areas and keywords (as provided)
- Subject: Bank credit, Banking, Commercial banks, Commodity prices, Currencies, Financial institutions, Fiscal policy, Foreign banks, Money, Prices
- Keywords: bank, bank asset growth, Bank credit, Caribbean, Central America, Commercial banks, Commodity prices, core CPI, credit spread, Currencies, Europe, Foreign banks, Global, housing price deflation, IMF staff calculation, LAC bank, lending, price, price pressure, REO
Content in this bundle
- Regional Economic Outlook: Western Hemisphere - Stronger Fundamentals Pay Off, May 2009
- Perspectivas Económicas: Las Américas - Los fundamentos más sólidos dan dividendos, Mayo de 2009
References
- https://www.imf.org/en/publications/reo/wh
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