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, international financial market developments, and the global economic system of its member countries. The Outlook and Economic Summary are comprehensive reviews of the world's economic development by various departments of the IMF, with primary information obtained through consultations between IMF staff and member countries. These consultations are mainly conducted by the IMF's regional departments in collaboration with the Policy and Development Review Department, the International Markets Department, and the Monetary and Exchange Affairs Department. The September 2004 issue of World Economic Outlook held an overall optimistic outlook for the global economy, considering 2004 to be one of the strongest years for global economic growth. Primary commodity prices were rising, and central banks were taking supportive measures to address the economic downturn. Like previous issues, this Outlook focuses on the trend of oil prices, providing a detailed and in-depth analysis of price fluctuations. Additionally, Chapters 2 and 3 of this issue discuss the housing prices of industrial countries, the transition of emerging market countries from fixed exchange rate systems to floating exchange rate systems, and various fiscal issues arising from the global population nearing aging. This Outlook argues that the connections among countries in the world are now exceptionally close, and policies of one country can be transmitted to others and regions through multiple channels. 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 the leadership of member countries to go beyond purely political considerations to complete reform tasks. The April 2005 issue of World Economic Outlook continues the style of previous issues, maintaining its rigor, timeliness, and authority as a reference tool for experts, scholars, and staff in the fields of economics and finance worldwide, making it highly valuable for research and academic purposes.