Description: Toward a Switchover of Locomotives in the Global Economy

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Toward a Switchover of Locomotives in the Global Economy

The recovery in advanced economies is now exhibiting several signs of fragility and the medium-term growth prospects for these economies also look difficult. Could developing economies 'switch over' to become locomotives in the global eco...

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Bibliographic Details
Main Author:	Canuto, Otaviano
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVANCED COUNTRIES ADVANCED COUNTRY ADVANCED ECONOMIES ADVERSE IMPACT ASSET PRICES BALANCE SHEETS COMMODITIES COMMODITY COMMUNICATION TECHNOLOGIES COMPLEMENTARY FACTORS CONSUMER SPENDING CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT RATIOS DEFICITS DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPING WORLD DEVELOPMENT STRATEGY DIVERSIFICATION DOMESTIC DEMAND DOMESTIC POLICIES ECONOMIC ACTIVITIES ECONOMIC ANALYSIS ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC POLICIES ECONOMIC POLICY EMERGING MARKETS EQUITY PRICE EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATES EXPENDITURES EXPORT GROWTH FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL SECTOR FISCAL CONSOLIDATION FISCAL POLICY FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FREQUENCY DISTRIBUTION GLOBAL ECONOMY GLOBAL GROSS DOMESTIC PRODUCT GLOBAL TRADE GLOBALIZATION GOVERNANCE MECHANISMS GOVERNMENT DEBT GROSS DEBT GROWTH PERFORMANCE GROWTH PERIOD GROWTH PROSPECTS GROWTH RATES GROWTH VOLATILITY HIGH GROWTH HUMAN CAPITAL INCOME INCOME COUNTRIES INCOMES INDEBTED HOUSEHOLDS INDIVIDUAL COUNTRY GROWTH RATES INDUSTRIAL POLICY INSTITUTIONAL CHANGES INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL TRADE INVESTING INVESTMENT CLIMATE INVESTMENT OPPORTUNITIES LABOR FORCE LABOR MARKETS LIBERALIZATION LIQUIDITY LOCAL MARKET LOCAL MARKETS LONG-TERM GROWTH LOW INCOME MACROECONOMIC UNCERTAINTY MARGINAL RETURNS MARKET PRICES MARKET SIZE MEDIUM TERM MONETARY FUND MONETARY POLICY NATURAL RESOURCE NATURAL RESOURCES OUTPUT OUTPUT GROWTH POLICY ENVIRONMENT POLICY REFORMS POSITIVE GROWTH POVERTY REDUCTION POVERTY REDUCTION POLICIES POWER PARITY PRIMARY DEFICITS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE CONSUMPTION PRIVATE SECTOR PUBLIC DEBT PUBLIC SECTOR PURCHASING POWER REAL EXCHANGE REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATES RELATIVE DEMAND REMITTANCES RETURN RURAL AREAS SAVING RATE SAVINGS SAVINGS RATE SHORT-TERM INTEREST RATES SOCIAL PROTECTION TECHNOLOGICAL CHANGES TECHNOLOGY TRANSFER TRADE OPENNESS TRADE POLICY TRADING VOLATILITY WORLD ECONOMY YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2010/09/12818104/toward-switchover-locomotives-global-economy http://hdl.handle.net/10986/10159

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Summary:	The recovery in advanced economies is now exhibiting several signs of fragility and the medium-term growth prospects for these economies also look difficult. Could developing economies 'switch over' to become locomotives in the global economy, providing a countervailing force against downward trends? The view taken here says, yes, as long as appropriate domestic policies and reforms are pursued in developing countries.