Serial

Europe and Central Asia Economic Update, October 2015 : Low Commodity Prices and Weak Currencies

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collection.link.286
https://openknowledge.worldbank.org/handle/10986/22789
collection.name.286
Europe and Central Asia Economic Update
dc.contributor.author
World Bank
dc.date.accessioned
2015-10-21T18:35:32Z
dc.date.available
2015-10-21T18:35:32Z
dc.date.issued
2015-10
dc.description.abstract
Against the backdrop of a weakening global economy and volatility in international financial markets, countries of the Europe and Central Asia region (ECA) are transitioning to a new normal that is characterized by low commodity prices, slow trend growth of global trade and less abundant availability of international liquidity. The transition is challenging because the region has not still fully recovered from the after-effects of the global financial crisis and current volatile conditions in international financial markets create headwinds. The eastern part of ECA faces the difficult adjustment to low commodity prices. That adjustment comes with sharp real deprecations, job losses in construction and domestic services, falling asset prices (especially real estate and equity prices), increased fragility in partly dollarized financial sectors, and declining household incomes. However, that adjustment comes also with new opportunities in the tradable sectors. To seize these opportunities policy makers have to embrace the new normal, using flexible exchange rates, absorbing negative side-effects, and facilitating investments in new sectors. In the western part of the region the recovery remains fragile. In Southern European countries, access to finance will not be as easy as it had been before 2008, but there are now real opportunities to leave the crisis behind and to steadily create new jobs. Policy makers can seize these opportunities if they move beyond firefighting and create conditions for reinvigorating competitiveness.
en
dc.identifier.isbn
978-1-4648-0753-4
dc.identifier.uri
http://hdl.handle.net/10986/22790
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.relation.ispartofseries
Europe and Central Asia Economic Update;
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
commodity prices
dc.subject
terms-of-trade
dc.subject
remittances
dc.subject
economic growth
dc.subject
depreciation
dc.subject
income distribution
dc.subject
devaluation
dc.subject
oil prices
dc.subject
household income
dc.subject
exchange rates
dc.subject
Dutch Disease
dc.title
Europe and Central Asia Economic Update, October 2015
en
dc.title.subtitle
Low Commodity Prices and Weak Currencies
en
dc.type
Serial
en
okr.date.disclosure
2015-10-26
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Publication
okr.globalpractice
Macroeconomics and Fiscal Management
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-1-4648-0753-4
okr.identifier.report
100609
okr.language.supported
en
okr.region.administrative
Europe and Central Asia
okr.region.geographical
Central Asia
okr.region.geographical
Eastern Europe
okr.region.geographical
Europe and Central Asia
okr.topic
Finance and Financial Sector Development :: Currencies and Exchange Rates
okr.topic
Macroeconomics and Economic Growth :: Economic Conditions and Volatility
okr.topic
Macroeconomics and Economic Growth :: Economic Forecasting
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Economic Policy, Institutions and Governance
okr.topic
Macroeconomics and Economic Growth :: Inflation
okr.topic
Poverty Reduction :: Achieving Shared Growth
okr.topic
Poverty Reduction :: Development Patterns and Poverty
okr.unit
Office the Chief Economist, Europe and Central Asia (ECACE)

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