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Chapter 1: Macroeconomic Conditions and Outlook

Author

Listed:
  • Torben M. Andersen
  • Giuseppe Bertola
  • John Driffill
  • Harold James
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Branko UroÅ¡evic

Abstract

Whereas the industrialised countries remained in recovery mode last year, economic development in the emerging markets slowed down markedly. Latin America and Russia actually went into recession, albeit for different reasons. Whereas in previous years the emerging markets were the main drivers behind world economic development, and thereby the slow recovery of the industrialised world, these roles were reversed last year. Good business cycle conditions in the United States and the United Kingdom, together with recovery towards moderate growth in the euro area, had a stabilising influence on the world economy in 2015. This development is in essence expected to continue, allowing countries like the United States and the United Kingdom to slowly change their monetary policy stance and make it less accommodating. The recessions in Latin America and Russia will lose their strength and the smaller East Asian economies will be able to return to somewhat higher growth. All in all, this will allow the world economy to remain in the moderate recovery mode that has been witnessed since 2011.

Suggested Citation

  • Torben M. Andersen & Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Branko UroÅ¡evic, 2016. "Chapter 1: Macroeconomic Conditions and Outlook," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 14-53, February.
  • Handle: RePEc:ces:eeagre:v::y:2016:i::p:14-53
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    References listed on IDEAS

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    1. Sinn, Hans-Werner, 2012. "The Green Paradox: A Supply-Side Approach to Global Warming," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016680, January.
    2. Barbara Lipszyc & Etienne Sail & Ana Xavier, 2012. "Long-term care: need, use and expenditure in the EU-27," European Economy - Economic Papers 2008 - 2015 469, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Becker, Gary S., 1992. "The Economic Way of Looking at Life," Nobel Prize in Economics documents 1992-1, Nobel Prize Committee.
    4. Paweł Kaczmarczyk & Marek Okólski, 2008. "Demographic and labour-market impacts of migration on Poland," Oxford Review of Economic Policy, Oxford University Press, vol. 24(3), pages 600-625, Autumn.
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