FMI - bulletin du FMI : l'économie mondiale s'essouffle, une croissance trop faible depuis longtemps
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230
pages
English
Documents
2016
Le téléchargement nécessite un accès à la bibliothèque YouScribe Tout savoir sur nos offres
Publié par
Publié le
12 avril 2016
Nombre de lectures
6
Langue
English
Poids de l'ouvrage
5 Mo
World Economic Outlook 2016
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Publié par
Publié le
12 avril 2016
Nombre de lectures
6
Langue
English
Poids de l'ouvrage
5 Mo
Copyright ® Clearance CenterRightsLink W o r l d E c o n o m i c a n d F i n a n c i a l S u r v e y s
World Economic Outlook April 2016
Too Slow for Too Long
I N T E R N A T I O N A L M O N E T A R Y F U N D ©International Monetary Fund. Not for Redistribution
©2016 ïnternatîona Monetary Fund Cover and Desîgn: Luîsa Menjîvar and Jorge Saazar Composîtîon: AGS, An RR Donneey Company
CataloginginPublication Data
Joint BankFund Library
Names: ïnternatîona Monetary Fund. Tîte: Word economîc outook (ïnternatîona Monetary Fund) Oter tîtes: WEO | Occasîona paper (ïnternatîona Monetary Fund) | Word economîc and înancîa surveys. Descrîptîon: Wasîngton, DC : ïnternatîona Monetary Fund, 1980- | Semîannua | Some îssues aso ave tematîc tîtes. | Began wît îssue or May 1980. | 1981-1984: Occasîona paper / ïnternatîona Monetary Fund, 0251-6365 | 1986-: Word economîc and înancîa surveys, 0256-6877. ïdentîîers: ïSSN 0256-6877 (prînt) | ïSSN 1564-5215 (onîne) Subjects: LCSH: Economîc deveopment—Perîodîcas. | ïnternatîona economîc reatîons— Perîodîcas. | Debts, Externa—Perîodîcas. | Baance o payments—Perîodîcas. | ïnternatîona înance—Perîodîcas. | Economîc orecastîng—Perîodîcas. Cassîîcatîon: LCC HC10.W79
HC10.80
ïSBN 978-1-49839-858-9 (paper) 978-1-47554-372-8 (PDF) 978-1-47556-199-9 (ePub) 978-1-47556-264-4 (Mobî)
TeWorld Economic Outlook (WEO) îs a survey by te ïMF sta pubîsed twîce a year, în te sprîng and a. Te WEO îs prepared by te ïMF sta and as beneîted rom comments and suggestîons by Executîve Dîrectors oowîng teîr dîscussîon o te report on Marc 28, 2016. Te vîews expressed în tîs pubîcatîon are tose o te ïMF sta and do not necessarîy represent te vîews o te ïMF’s Executîve Dîrectors or teîr natîona autorîtîes.
Recommended citation:ïnternatîona Monetary Fund. 2016.World Economic Outlook: Too Slow or Too Long.Wasîngton, Aprî.
Pubîcatîon orders may be paced onîne, by ax, or troug te maî: ïnternatîona Monetary Fund, Pubîcatîon Servîces P.O. Box 92780, Wasîngton, DC 20090, U.S.A. Te.: (202) 623-7430 Fax: (202) 623-7201 E-maî: pubîcatîons@îm.org www.îmbookstore.org www.eîbrary.îm.org
©International Monetary Fund. Not for Redistribution
CONTENTS
Assumptions and Conventions
Further Inormation and Data
Preace
Foreword
Executive Summary
Chapter 1. Recent Developments and Prospects Recent Deveopments and Prospects he Forecast A Pronounced ïncrease în Downsîde Rîsks Poîcy Prîorîtîes Specîa Feature: Commodîty Market Deveopments and Forecasts, wît a Focus on te Energy Transîtîon în an Era o Low Fossî Fue Prîces Annex 1.1. Regîona Projectîons Scenarîo Box 1. he Estîmated ïmpact o Lower Oî Prîces Scenarîo Box 2. Respondîng to Secuar Stagnatîon Forces Box 1.1. Dîssectîng te Goba Trade Sowdown Box 1.2. Macroeconomîc Deveopments and Outook în Low-ïncome Deveopîng Countrîes: he Roe o Externa Factors Reerences
Chapter 2. Understanding the Slowdown in Capital Flows to Emerging Markets Anatomy o te Sowdown în Net Capîta ïnlows Hîstorîca Comparîsons: Wat ïs Dîferent hîs Tîme? Wat ïs Drîvîng te Recent Sowdown în Capîta Fows to Emergîng Market Economîes? Concusîons Annex 2.1. Sampe o Emergîng Market Economîes Annex 2.2. Data Annex 2.3. Metodoogy Box 2.1. Capîta Fows to Low-ïncome Deveopîng Countrîes Box 2.2. U.S. Monetary Poîcy and Capîta Fows to Emergîng Markets Reerences
Chapter 3. Time or a Supply-Side Boost? Macroeconomic Efects o Labor and Product Market Reorms in Advanced Economieshe Economîcs o Product and Labor Market Reorms: A Prîmer he Macroeconomîc Efects o Reorms: A Mode-Based Anaysîs he Macroeconomîc Efects o Reorms: An Empîrîca Anaysîs Summary and Poîcy ïmpîcatîons Annex 3.1. Modeîng te Efects o Product and Labor Market Reorms
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Annex 3.2. ïdentîIcatîon o Reorms and Poîcy Socks Annex 3.3. he Macroeconomîc Efects o Reorms: Empîrîca Anaysîs Annex 3.4. Country Coverage and Data Sources Box 3.1. Breakîng te Deadock: ïdentîyîng te Poîtîca Economy Drîvers o Structura Reorms Box 3.2. Reormîng Coectîve-Bargaînîng Systems to Acîeve Hîg and Stabe Empoyment Box 3.3. he Potentîa Productîvîty Gaîns rom Furter Trade and Foreîgn Dîrect ïnvestment Lîberaîzatîon Box 3.4. Can Reorm Waves Turn te Tîde? Some Case Studîes Usîng te Syntetîc Contro Metod Reerences
Statistical Appendix Assumptîons Wat’s New Data and Conventîons Country Notes CassîIcatîon o Countrîes Genera Features and Composîtîon o Groups în teWorld Economic OutlookCassîIcatîon Tabe A. CassîIcatîon byWorld Economic OutlookGroups and heîr Sares în Aggregate GDP, Exports o Goods and Servîces, and Popuatîon, 2015 Tabe B. Advanced Economîes by Subgroup Tabe C. European Unîon
Tabe D. Emergîng Market and Deveopîng Economîes by Regîon and Maîn Source o Export Earnîngs
Tabe E. Emergîng Market and Deveopîng Economîes by Regîon, Net Externa Posîtîon, and Status as Heavîy ïndebted Poor Countrîes and Low-ïncome Deveopîng Countrîes Tabe F. Economîes wît Exceptîona Reportîng Perîods Tabe G. Key Data Documentatîon Box A1. Economîc Poîcy Assumptîons Underyîng te Projectîons or Seected Economîes Lîst o Tabes Output (Tabes A1–A4) ïnlatîon (Tabes A5–A7) Fînancîa Poîcîes (Tabe A8) Foreîgn Trade (Tabe A9) Current Account Transactîons (Tabes A10–A12) Baance o Payments and Externa Fînancîng (Tabe A13) Fow o Funds (Tabe A14) Medîum-Term Baseîne Scenarîo (Tabe A15)
World Economic Outlook,Selected Topics
IMF Executive Board Discussion o the Outlook, March 2016
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Tables Tabe 1.1. Overvîew o teWorld Economic OutlookProjectîons Annex Tabe 1.1.1. European Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.2. Asîan and PacîIc Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.3. Western Hemîspere Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.4. Commonweat o ïndependent States Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.5. Mîdde East and Nort Arîcan Economîes, Aganîstan, and Pakîstan: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.6. Sub-Saaran Arîcan Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Tabe 1.SF.1. Word Energy Usage, 2013 Tabe 1.SF.2. Summary o Severe Accîdents în te Energy Sector, 1970–2008 Tabe 1.SF.3. Goba Sare o Greenouse Gas Emîssîons by Country Tabe 1.SF.4. Greenouse Gas Emîssîons Target Reductîons, Parîs Agreement, December 2015 Tabe 2.1. Foreîgn Reserves and te Current Account în Baance o Payments Adjustments Tabe 2.2. Large Deprecîatîons, Bankîng Sector Stress, and Externa Crîses durîng Sowdown Epîsodes Annex Tabe 2.1.1. Countrîes în te Capter’s Emergîng Market Economîes Sampe Annex Tabe 2.1.2. Externa Crîsîs Epîsodes, 1980–2015 Annex Tabe 2.1.3. Large Deprecîatîon Epîsodes, 1995–2000 Annex Tabe 2.1.4. Large Deprecîatîon Epîsodes, 2010–15 Annex Tabe 2.3.1. Roe o Goba Factors în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.2. Roe o Goba Factors în Expaînîng Gross Capîta Outlows Annex Tabe 2.3.3. Roe o Country Caracterîstîcs în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.4. Roe o Country Caracterîstîcs în Expaînîng Gross Capîta Outlows Annex Tabe 2.3.5. Roe o ïnteractîon Terms în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.6. Roe o Country Caracterîstîcs and Goba Factors în Expaînîng Gross Capîta ïnlows Tabe 2.2.1. Sort-Term Determînants o Emergîng Market Fund Fows Tabe 3.1 Efect o Product and Labor Market Reorms on Macroeconomîc Outcomes Annex Tabe 3.2.1. Exampes o Reorms ïdentîIed Annex Tabe 3.4.1. Country Coverage Annex Tabe 3.4.2. Macroeconomîc Data Sources Tabe 3.1.1. Drîvers o Reorms
Tabe A1. Summary o Word Output Tabe A2. Advanced Economîes: Rea GDP and Tota Domestîc Demand Tabe A3. Advanced Economîes: Components o Rea GDP Tabe A4. Emergîng Market and Deveopîng Economîes: Rea GDP Tabe A5. Summary o ïnlatîon Tabe A6. Advanced Economîes: Consumer Prîces Tabe A7. Emergîng Market and Deveopîng Economîes: Consumer Prîces Tabe A8. Major Advanced Economîes: Genera Government Fîsca Baances and Debt Tabe A9. Summary o Word Trade Voumes and Prîces Tabe A10. Summary o Current Account Baances Tabe A11. Advanced Economîes: Baance on Current Account
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Tabe A12. Emergîng Market and Deveopîng Economîes: Baance on Current Account Tabe A13. Summary o Fînancîa Account Baances Tabe A14. Summary o Net Lendîng and Borrowîng Tabe A15. Summary o Word Medîum-Term Baseîne Scenarîo
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Online Tables Tabe B1. Advanced Economîes: Unempoyment, Empoyment, and Rea GDP per Capîta Tabe B2. Emergîng Market and Deveopîng Economîes: Rea GDP Tabe B3. Advanced Economîes: Houry Earnîngs, Productîvîty, and Unît Labor Costs în Manuacturîng Tabe B4. Emergîng Market and Deveopîng Economîes: Consumer Prîces Tabe B5. Summary o Fîsca and Fînancîa ïndîcators Tabe B6. Advanced Economîes: Genera and Centra Government Net Lendîng/Borrowîng and Genera Government Net Lendîng/Borrowîng Excudîng Socîa Securîty Scemes Tabe B7. Advanced Economîes: Genera Government Structura Baances Tabe B8. Emergîng Market and Deveopîng Economîes: Genera Government Net Lendîng/ Borrowîng and Overa Fîsca Baance Tabe B9. Emergîng Market and Deveopîng Economîes: Genera Government Net Lendîng/ Borrowîng Tabe B10. Seected Advanced Economîes: Excange Rates Tabe B11. Emergîng Market and Deveopîng Economîes: Broad Money Aggregates Tabe B12. Advanced Economîes: Export Voumes, ïmport Voumes, and Terms o Trade în Goods and Servîces Tabe B13. Emergîng Market and Deveopîng Economîes by Regîon: Tota Trade în Goods Tabe B14. Emergîng Market and Deveopîng Economîes by Source o Export Earnîngs: Tota Trade în Goods Tabe B15. Summary o Current Account Transactîons Tabe B16. Emergîng Market and Deveopîng Economîes: Summary o Externa Debt and Debt Servîce Tabe B17. Emergîng Market and Deveopîng Economîes by Regîon: Externa Debt by Maturîty Tabe B18. Emergîng Market and Deveopîng Economîes by Anaytîca Crîterîa: Externa Debt by Maturîty Tabe B19. Emergîng Market and Deveopîng Economîes: Ratîo o Externa Debt to GDP Tabe B20. Emergîng Market and Deveopîng Economîes: Debt-Servîce Ratîos Tabe B21. Emergîng Market and Deveopîng Economîes, Medîum-Term Baseîne Scenarîo: Seected Economîc ïndîcators Figures Fîgure 1.1. Goba Actîvîty ïndîcators4 Fîgure 1.2. Goba ïnlatîon5 Fîgure 1.3. Commodîty and Oî Markets5 Fîgure 1.4. Rea Efectîve Excange Rate Canges, August 2015–February 20166 Fîgure 1.5. Emergîng Market Economîes: Capîta Fows7 Fîgure 1.6. Advanced Economîes: Monetary and Fînancîa Market Condîtîons8 Fîgure 1.7. Advanced Economîes: Credît, House Prîces, and Baance Seets8 Fîgure 1.8. Emergîng Market Economîes: ïnterest Rates9 Fîgure 1.9. Emergîng Market Economîes: Equîty Markets and Credît9 Fîgure 1.10. Cîna’s Sare o Vaue-Added Exports and Cange în Export Voume Growt10 Fîgure 1.11. Terms-o-Trade Wînda Gaîns and Losses, Domestîc Demand, ïmports, and Output11 Fîgure 1.12. Energy and Mînîng ïnvestment13 Fîgure 1.13. Goba ïnvestment and Trade Sowdown13 Fîgure 1.14. Fîsca Poîcîes17
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CONTENTS
Fîgure 1.15. Externa Sector Fîgure 1.16. Credîtors versus Debtors Fîgure 1.17. Rîsks to te Goba Outook Fîgure 1.18. Recessîon and Delatîon Rîsks Scenarîo Fîgure 1. Decomposîtîon o te Cange în Oî Prîces: 2014World Economic Outlookversus Aprî 2016World Economic OutlookScenarîo Fîgure 2. Oî Scenarîo Scenarîo Fîgure 3. Secuar Stagnatîon and Reorm Fîgure 1.SF.1. Commodîty Market Deveopments Fîgure 1.SF.2. Word Energy ïntensîty Fîgure 1.SF.3. Car Ownersîp and GDP per Capîta, 2013 Fîgure 1.SF.4. Word Energy Consumptîon Sare by Fue Type Fîgure 1.SF.5. Carbon Emîssîons or Varîous Fues Fîgure 1.SF.6. Eectrîcîty Generatîon Fîgure 1.SF.7. Cost o Renewabes and Researc and Deveopment Eforts Fîgure 1.SF.8. U.S. Saes o Eectrîc Veîces and Gasoîne Prîce Fîgure 1.SF.9. Duck Curve: ïustratîve Cange în Projectîons o Net Load Curve Fîgure 1.SF.10. Word Patents Fîgure 1.SF.11. Dîrect Norma ïrradîatîon Fîgure 1.1.1. Trade and Output Growt Fîgure 1.1.2. ïmport Eastîcîty Fîgure 1.1.3. ïmport Voume ïndex by End Use Fîgure 1.1.4. Capîta Goods ïmport Voume ïndex Fîgure 1.2.1. Low-ïncome Deveopîng Countrîes: Rea GDP Growt Fîgure 1.2.2. Low-ïncome Deveopîng Countrîes: Purcasîng-Power-Parîty GDP Sares Fîgure 1.2.3. Terms-o-Trade Wînda Gaîns and Losses Fîgure 1.2.4. Tradîng Partners’ GDP Growt Canges Fîgure 1.2.5. Sovereîgn Bond Spreads în Low-ïncome Deveopîng Countrîes Fîgure 1.2.6. Sîmuated Efects o Lower Oî Prîces on Growt and Pubîc Debt în Low-ïncome Deveopîng Countrîes Fîgure 2.1. Net Capîta ïnlows to Emergîng Market Economîes and Number o Debt Crîses, 1980–2015:Q3 Fîgure 2.2. Net Capîta ïnlows to Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.3. Capîta ïnlows and Outlows or Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.4. Capîta ïnlows and Outlows or Emergîng Market Economîes by Asset Type: 2000–15:Q3 Fîgure 2.5. Net Capîta ïnlows by Regîon, 2000–15:Q3 Fîgure 2.6. Net Reserve Assets o Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.7. Excange Rates o Emergîng Market Economîes, 2010–15:Q3 Fîgure 2.8. Net Capîta ïnlow Sowdown and Excange Rate Canges, 2010–15:Q3 Fîgure 2.9. Cost o Fînancîng, Sovereîgn Spreads, and Capîta Fows în Emergîng Market Economîes Fîgure 2.10. hree Major Net Capîta ïnlow Sowdown Epîsodes Fîgure 2.11. Externa Baance Seets o Emergîng Market Economîes, 1980–2014 Fîgure 2.12. Gross Capîta ïnlows and Outlows o Emergîng Market Economîes, 1980–2014 Fîgure 2.13. Net Externa Debt Lîabîîtîes o Emergîng Market Economîes, 1980–2014 Fîgure 2.14. Outstandîng Debt o Emergîng Market Economîes Denomînated în Domestîc Currency, 1995–2015 Fîgure 2.15. Net Capîta Outlows and te Current Account durîng te 2010–15 Sowdown Fîgure 2.16. Nomîna Efectîve Excange Rate Adjustment în 1995–2000 and 2010–15:Q3 Fîgure 2.17. Roe o Goba Factors în te Recent Sowdown Fîgure 2.18. Estîmated Tîme Fîxed Efects and Average Gross Capîta ïnlows to Emergîng Market Economîes
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Fîgure 2.19. Sare o Varîatîon în Gross Capîta ïnlows Expaîned by Goba Factors Fîgure 2.20. 2010–15 Gross Capîta ïnlow Sowdown and Country-SpecîIc Caracterîstîcs Fîgure 2.21. Dîferences în te Contrîbutîon o Goba Factors between More and Less Fexîbe Excange Rate Regîmes Fîgure 2.1.1. Net Capîta ïnlows to Low-ïncome Deveopîng Countrîes, 2000–14 Fîgure 2.1.2. Capîta ïnlows and Outlows o Low-ïncome Deveopîng Countrîes, 2000–14 Fîgure 2.1.3. Capîta ïnlows to Low-ïncome Deveopîng Countrîes by Asset Type and Net Capîta ïnlows by Regîon, 2000–14 Fîgure 2.1.4. Net Reserve Assets and Current Account Baance, 2000–14 Fîgure 2.1.5. Net Capîta ïnlows to Low-ïncome Deveopîng Countrîes, 2012–15, Restrîcted Sampe Fîgure 2.1.6. Excange Rates o Low-ïncome Deveopîng Countrîes, 2009–15:Q3 Fîgure 2.2.1. Correatîon between Emergîng Market Fund Fows and Emergîng Market Tota Portoîo ïnlows Fîgure 3.1. Evoutîon o Potentîa Output Growt and ïts Components în Advanced Economîes Fîgure 3.2. Evoutîon o Product Market Reguatîons Fîgure 3.3. Evoutîon o Labor Market ïnstîtutîons Fîgure 3.4. Seected Mode Resuts Fîgure 3.5. Macroeconomîc Efects o Product Market Reorms Fîgure 3.6. Dîrect and ïndîrect Sectora Output Efects o Product Market Reorms Fîgure 3.7. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ Output Fîgure 3.8. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ Empoyment: he Roe o Fîrm Sîze Fîgure 3.9. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ ïnvestment: he Roe o Fînancîa Condîtîons Fîgure 3.10. Macro and Sectora Efects o Empoyment Protectîon Legîsatîon Reorms Fîgure 3.11. Unempoyment Efects o Unempoyment BeneIt Reorms Fîgure 3.12. Macroeconomîc Efects o Labor Tax Wedge Cuts Fîgure 3.13. Macroeconomîc Efects o Spendîng Socks on Actîve Labor Market Poîcîes Fîgure 3.14. Roe o Fîsca Poîcy în Sapîng te Efects o Empoyment Protectîon Legîsatîon and Unempoyment BeneIt Reorms on Unempoyment Fîgure 3.15. Efects o Reorms on Partîcîpatîon Rates o Women and Oder Workers Annex Fîgure 3.2.1. Number o Reorms ïdentîIed Annex Fîgure 3.3.1. Efects o Reorms on Economîc Actîvîty: Robustness Ceck Fîgure 3.2.1. Portuga: Empoyment Growt durîng te Goba Fînancîa Crîsîs among Fîrms Not Aiîated wît an Empoyer Assocîatîon Fîgure 3.2.2. Cange în Unempoyment Rate Fîgure 3.3.1. Trade Lîberaîzatîon Fîgure 3.4.1. Log o Rea GDP per Capîta în Purcasîng-Power-Parîty Terms
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ASSUMPTIONS AND CONVENTIONS
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A number o assumptîons ave been adopted or te projectîons presented în teWorld Economic Outlook(WEO). ït as been assumed tat rea efectîve excange rates remaîned constant at teîr average eves durîng Feb-ruary 2–Marc 1, 2016, except or tose or te currencîes partîcîpatîng în te European excange rate mecanîsm ïï (ERM ïï), wîc are assumed to ave remaîned constant în nomîna terms reatîve to te euro; tat estabîsed poîcîes o natîona autorîtîes wî be maîntaîned (or specîIc assumptîons about Isca and monetary poîcîes or seected economîes, see Box A1 în te Statîstîca Appendîx); tat te average prîce o oî wî be $34.75 a barre în 2016 and $40.99 a barre în 2017 and wî remaîn uncanged în rea terms over te medîum term; tat te sîx-mont London înterbank ofered rate (LïBOR) on U.S. doar deposîts wî average 0.9 percent în 2016 and 1.5 percent în 2017; tat te tree-mont euro deposît rate wî average –0.3 percent în 2016 and –0.4 percent în 2017; and tat te sîx-mont Japanese yen deposît rate wî yîed on average –0.1 percent în 2016 and –0.3 per-cent în 2017. hese are, o course, workîng ypoteses rater tan orecasts, and te uncertaîntîes surroundîng tem add to te margîn o error tat woud în any event be învoved în te projectîons. he estîmates and projec-tîons are based on statîstîca înormatîon avaîabe troug Marc 25, 2016. he oowîng conventîons are used trougout te WEO: . . . to îndîcate tat data are not avaîabe or not appîcabe; – between years or monts (or exampe, 2015–16 or January–June) to îndîcate te years or monts cov-ered, încudîng te begînnîng and endîng years or monts; / between years or monts (or exampe, 2015/16) to îndîcate a Isca or Inancîa year. “Bîîon” means a tousand mîîon; “trîîon” means a tousand bîîon. “Basîs poînts” reers to undredts o 1 percentage poînt (or exampe, 25 basîs poînts are equîvaent to ¼ o 1 percentage poînt). Data reer to caendar years, except în te case o a ew countrîes tat use Isca years. Pease reer to Tabe F în te Statîstîca Appendîx, wîc îsts te economîes wît exceptîona reportîng perîods or natîona accounts and government Inance data or eac country. For some countrîes, te Igures or 2015 and earîer are based on estîmates rater tan actua outturns. Pease reer to Tabe G în te Statîstîca Appendîx, wîc îsts te atest actua outturns or te îndîcators în te natîona accounts, prîces, government Inance, and baance o payments îndîcators or eac country. • Data or Macao Specîa Admînîstratîve Regîon and te Commonweat o Puerto Rîco are încuded în data aggregated or te advanced economîes. Macao îs a Specîa Admînîstratîve Regîon o Cîna, and Puerto Rîco îs a terrîtory o te Unîted States, but te WEO maîntaîns statîstîca data or bot economîes on a separate and îndependent basîs. • Argentîna’s and Venezuea’s consumer prîces are excuded rom a te WEO groups’ aggregates. ïn te tabes and Igures, te oowîng conventîons appy: • ï no source îs îsted on tabes and îgures, data are drawn rom te WEO database. • Wen countrîes are not îsted apabetîcay, tey are ordered on te basîs o economîc sîze. • Mînor dîscrepancîes between sums o constîtuent îgures and totas sown reect roundîng. As used în tîs report, te terms “country” and “economy” do not în a cases reer to a terrîtorîa entîty tat îs a state as understood by înternatîona aw and practîce. As used ere, te term aso covers some terrîtorîa entîtîes tat are not states but or wîc statîstîca data are maîntaîned on a separate and îndependent basîs.
Internàtionàl MonetàrY Fund|April 2016
©International Monetary Fund. Not for Redistribution
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WORLD ECONOMIC OUTLOOK: TOO SLOW FOR TOO LONG
Composîte data are provîded or varîous groups o countrîes organîzed accordîng to economîc caracterîstîcs or regîon. Uness noted oterwîse, country group composîtes represent cacuatîons based on 90 percent or more o te weîgted group data. he boundarîes, coors, denomînatîons, and any oter înormatîon sown on te maps do not împy, on te part o te ïnternatîona Monetary Fund, any judgment on te ega status o any terrîtory or any endorsement or acceptance o suc boundarîes.
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Internàtionàl MonetàrY Fund|April 2016
©International Monetary Fund. Not for Redistribution
