World Economic Outlook. April 2005

Author: International Monetary Fund
Publisher:
Publish Date: 2005-11-01
Features: World Economic Outlook is a prestigious publication of the International Monetary Fund, issued twice a year. The forecasts and analyses it contains are part of the IMF's oversight of the economic development, policies, and international financial market trends of its member countries, as well as the global economic system. The Outlook and Economic Summary are comprehensive reviews of world economic development by various departments of the IMF, with primary information obtained through consultations between IMF staff and member countries. These consultations are primarily conducted by the IMF's regional departments in collaboration with the Policy and Examine Department, International Markets Department, and Monetary and Exchange Affairs Department. The September 2004 issue of World Economic Outlook held an overall optimistic outlook for the global economy, considering 2004 one of the strongest years for world economic growth. Commodity prices were rising, and central banks were taking supportive measures to address the economic downturn. Like previous issues, this Outlook focuses on oil price trends, providing detailed and in-depth analysis of oil price fluctuations. Additionally, Chapters 2 and 3 of this issue discuss housing prices in industrial countries, the transition of emerging market countries from fixed exchange rate systems to floating exchange rate systems, and fiscal challenges brought by the global population nearing aging, among other issues. This Outlook argues that countries around the world are more closely interconnected than ever, and policies of one country can transmit through multiple channels to other regions and countries. Therefore, it is increasingly important for countries in need of reform to resist reform fatigue. Now is also the best time for reform, and the IMF calls on leaders of member countries to go beyond purely political considerations to complete reform tasks. The April 2005 issue of World Economic Outlook continues in the style of previous issues, maintaining its reputation as a rigorous, timely, and authoritative reference for experts, scholars, and professionals in the fields of economics and finance worldwide, with high research and academic value.