Assumptions and Conventions

Further Information and Data

Preface

Foreword

Executive Summary

Chapter 1. Global Prospects and Policies

Recent Developments

What Went Wrong in the Euro Area?

Prospects

Risks

Policy Challenges

Special Feature: Commodity Market Review

References

Chapter 2. Country and Regional Perspectives

Europe: Crisis, Recession, and Contagion

The United States and Canada: Regaining Some Traction

Asia: Growth Is Moderating

Latin America and the Caribbean: On a Glide Path to Steady Growth

Commonwealth of Independent States: Commodity Prices Are the Main Spillover Channel

Middle East and North Africa: Growth Stalled, Outlook Uncertain

Sub-Saharan Africa: Resilience Should Not Breed Complacency

Spillover Feature: Cross-Border Spillovers from Euro Area Bank Deleveraging

References

Chapter 3. Dealing with Household Debt

How Household Debt Can Constrain Economic Activity

Dealing with Household Debt: Case Studies

Summary and Implications for the Outlook

Appendix 3.1. Data Construction and Sources

Appendix 3.2. Statistical Methodology and Robustness Checks

References

Chapter 4. Commodity Price Swings and Commodity Exporters

Commodity Price Swings and Macroeconomic Performance

Commodity Market Drivers and Their Macroeconomic Effects

Optimal Fiscal Policy Responses to Commodity Market Shocks

Global Spillovers from Domestic Policies in Commodity Exporters

Conclusions and Policy Lessons

Appendix 4.1. Data Description

Appendix 4.2. Statistical Properties of Commodity Price Cycles

Appendix 4.3. Description of the Vector Autoregression Model

Appendix 4.4. The Basic Features of the GIMF and Its Application to a Small, Open Oil Exporter

References

Annex: IMF Executive Board Discussion of the Outlook, March 2012

Statistical Appendix

Assumptions

What’s New

Data and Conventions

Classification of Countries

General Features and Composition of Groups in the World Economic Outlook Classification

Table A. Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 2011

Table B. Advanced Economies by Subgroup

Table C. European Union

Table D. Emerging and Developing Economies by Region and Main Source of Export Earnings

Table E. Emerging and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries Box A1. Economic Policy Assumptions Underlying the Projections for Selected Economies

List of Tables

Output (Tables A1–A4)

Inflation (Tables A5–A7)

Financial Policies (Table A8)

Foreign Trade (Table A9)

Current Account Transactions (Tables A10–A12)

Balance of Payments and External Financing (Tables A13–A14)

Flow of Funds (Table A15)

Medium-Term Baseline Scenario (Table A16)

World Economic Outlook, Selected Topics