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Global Economic Prospects 2009 : Commodities at the Crossroads

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  • World Bank
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    Abstract

    The release of this year's global economic prospects finds the world economy at a crossroads. Markets all over the world are engulfed in a global economic crisis, with stock markets sharply down and volatile, almost all currencies having depreciated substantially against the dollar, and risk premiums on a wide range of debt having increased by 600 or more basis points. Commodity markets too have turned a corner. Following several years of increase, prices have plummeted, and although well above their 1990s levels, they have given up most of the increases of the past 24 months. Chapter one of this report examines the medium-term implications of this crisis for developing-country growth, inflation, and world trade. Chapter two looks at longer-term supply and demand prospects in commodity markets. It takes into account the long-term growth prospects of developing countries and their rising share in world GDP (gross domestic product), the declining quality of new pools of resources, and the influence of technology on both demand and supply. Finally, chapter three reports on the poverty impacts of high commodity prices and examines the effectiveness of policies in both producing and consuming countries in dealing with the challenges posed by periodic bouts of high commodity prices.

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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 2581 and published in 2009.

    ISBN: 978-0-8213-7799-4
    Handle: RePEc:wbk:wbpubs:2581

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    Postal: 1818 H Street, N.W., Washington, DC 20433
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Finance and Financial Sector Development - Currencies and Exchange Rates Macroeconomics and Economic Growth - Economic Theory & Research Finance and Financial Sector Development - Financial Literacy Private Sector Development - Emerging Markets Finance and Financial Sector Development - Debt Markets;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Arbache, Jorge Saba & Page, John, 2007. "More growth or fewer collapses ? a new look at long run growth in Sub-Saharan Africa," Policy Research Working Paper Series 4384, The World Bank.
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    Cited by:
    1. von Grebmer, Klaus & Ringler, Claudia & Rosegrant, Mark W. & Olofinbiyi, Tolulope & Wiesmann, Doris & Fritschel, Heidi & Badiane, Ousmane & Torero, Maximo & Yohannes, Yisehac & Thompson, Jennifer & vo, 2012. "2012 Indice de la faim dans le monde:: Relever le defi de la faim: Assurer une sécurité alimentaire durable dan un monde sous contraintes en eau, en énergie et en terres," IFPRI books, International Food Policy Research Institute (IFPRI), number 2012 GHI French.
    2. Oehler-Sincai, Iulia Monica, 2009. "Comerţul exterior al ţărilor BRIC în perioada 1997-2008. Perspective
      [The external trade of the BRICs during 1997-2008. Perspectives]
      ," MPRA Paper 17237, University Library of Munich, Germany.
    3. Derek Headey & Sangeetha Malaiyandi & Shenggen Fan, 2010. "Navigating the perfect storm: reflections on the food, energy, and financial crises," Agricultural Economics, International Association of Agricultural Economists, vol. 41(s1), pages 217-228, November.
    4. World Bank & the People’s Republic of China Development Research Center of the State Council, 2013. "China 2030 : Building a Modern, Harmonious, and Creative Society," World Bank Publications, The World Bank, number 12925, October.
    5. Baffes, John & Dennis, Allen, 2013. "Long-term drivers of food prices," Policy Research Working Paper Series 6455, The World Bank.
    6. Marga Peeters & Ronald Albers, 2013. "Food Prices, Government Subsidies and Fiscal Balances in South Mediterranean Countries," Development Policy Review, Overseas Development Institute, vol. 31(3), pages 273-290, 05.
    7. von Grebmer, Klaus & Ringler, Claudia & Rosegrant, Mark W. & Olofinbiyi, Tolulope & Wiesmann, Doris & Fritschel, Heidi & Badiane, Ousmane & Torero, Maximo & Yohannes, Yisehac & Thompson, Jennifer & vo, 2012. "2012 Indice de la faim dans le monde:: Relever le defi de la faim: Assurer une sécurité alimentaire durable dan un monde sous contraintes en eau, en énergie et en terres," Research reports 2012ghifrench, International Food Policy Research Institute (IFPRI).
    8. Barbier, Edward B., 2010. "Global governance: the G20 and a Global Green New Deal," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(2), pages 1-35.
    9. Arvind Subramanian & Martin Kessler, 2013. "The Hyperglobalization of Trade and Its Future," Working Paper Series WP13-7, Peterson Institute for International Economics.
    10. Berazneva, Julia & Lee, David R., 2013. "Explaining the African food riots of 2007–2008: An empirical analysis," Food Policy, Elsevier, vol. 39(C), pages 28-39.
    11. Blanca Moreno-Dodson, 2013. "Is Fiscal Policy the Answer? A Developing Country Perspective," World Bank Publications, The World Bank, number 13086, October.
    12. repec:fpr:export:2012ghifrench is not listed on IDEAS
    13. repec:fpr:ifprib:2012ghifrench is not listed on IDEAS
    14. World Bank, 2009. "Protecting the Poor During the Global Crisis : 2009 Bosnia and Herzegovina Poverty update," World Bank Other Operational Studies 3148, The World Bank.

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