World Economic Outlook
Description of publication
The World Economic Outlook is a meaty little book of 200 or so pages with colorful presentations and published twice a year in English, French, Spanish, and Arabic. It presents IMF staff economists' analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, developing countries, and economies in transition; and address topics of current interest. For example, in the October 1997 edition, Chapter 3 covered "The EMU and the World Economy." The projections and analyses contained in the World Economic Outlook are an integral element of the IMF's ongoing surveillance of economic developments and policies in its member countries and of the global economic system. The IMF has published the World Economic Outlook annually from 1980 through 1983 and biannually since 1984. The Publications Catalog is available as a database and can be searched by title, author, subject, series, language, or keyword.
The survey of economic policies and prospects is the product of an interdepartmental review of world economic developments that draws primarily on information the IMF staff gathers through its consultations with member countries. The country projections are prepared by the IMF's area departments on the basis of internationally consistent assumptions about world activity, exchange rates, and conditions in international financial and commodity markets. For approximately 50 of the largest economies-accounting for 90 percent of the world output-the projections are updated for each World Economic Outlook exercise. For smaller countries, the projections are based on those prepared at the time of the IMF's regular Article IV consultations with member countries or in connection with the use of IMF resources. The table of contents is very comprehensive and though the book has only five chapters, it is filled with data presented in special appendixes. For example, the "Statistical Appendix" for member countries includes:
| Output Inflation Financial policies Foreign trade |
External financing External debt / debt service Flow of funds Medium baseline scenario Current account transaction |
The "Statistical Appendix" is almost half the book, and the figures are presented in easily read tables of bold print and color (see the sample page). The "Statistical Appendix" presents historical data, as well as projections. It comprises four sections: assumptions, data and conventions, classification of countries, and statistical tables. The assumptions underlying the estimates and projections for 1997-98 and the medium-term scenario for 1999-2002 are summarized in the first section. Three Annexes included in the May 1995 edition covered some dramatic and news worthy topics:
Annex I: "Factors Behind the Financial Crisis in Mexico."
Annex II: "Adjustment in Sub-Saharan Africa."
Annex III: "Structural Fiscal Balances in Smaller Countries."
Also in the May 1995 issue, Chapter 5, "Saving in a Growing World Economy," covers such topics as: trends in saving patterns, important questions about saving, key factors affecting saving, future supply of saving, limits on borrowing the savings of others, global real interest rates as an indicator of saving adequacy, world economic performance under different saving scenarios, conclusions, and policy considerations.
Don't overlook the opportunity to check out the IMF's sister organization, the World Bank, otherwise known as the IBRD or the International Bank for Reconstruction and Development. The World Bank has some great stuff. You can get the catalog by calling World Bank Information Shop at (202) 473-2941 or e-mail books@worldbank.org.
Whenever the word world starts getting thrown around, you have to be careful. Everyone knows that the NFL Super Bowl winners are the greatest football team in the world, even though only American teams play in the league. Nevertheless, The World Bank Economic Review is a real class act and is top in its field.
The World Bank Economic Review (ISSN 0258-6770) is an excellently researched book, capably written by the World Bank economic staff, (202) 477-1234 or fax (202) 477-6391, and for the most part easy to read. Although the emphasis is on economics, other subjects are covered as well. For example, the January 1996 edition did a thorough study of fertility in sub-Saharan Africa based on a symposium of the same name. It is a sophisticated journal to be sure, but one with important information on a user-friendly basis.
The World Bank Economic Review is a professional journal for the dissemination of World Bank-sponsored research that informs policy analyses and choices. It is directed to an international readership of economists and social scientists in government, business, and international agencies, as well as in universities and development research institutions. The Review emphasizes policy relevance and operational aspects of economics, rather than primarily theoretical and methodological issues. It is intended for readers familiar with economic theory and analysis, but not necessarily proficient in advanced mathematical or econometric techniques. Articles illustrate how professional research can shed light on policy choices. I wouldn't recommend this journal, however, if your report or research paper is due tomorrow. If you are in a hurry you can go on-line at www.worldbank.org.
You should also know about the Export-Import Bank in Washington, DC (with five regional offices); call (800) 565-EXIM or try the Web site at www.exim.gov.
Something to Think About
If you had to respond to a comprehensive exam question (using the World Economic Outlook) that required a short essay on capital formation and employment comparing the United States and the European Union, could you do it?
Whenever a publisher makes a statement like, "Introducing the ultimate international economic research tool," you really have to sit up and listen. Business McGraw-Hill and DRI have announced the release of Encyclopedia of World Economics on CD-ROM. According to the editors, it's the most current and comprehensive database available on all the significant economies of the world, including the new post-Communist nations.
The Encyclopedia provides you with instant access to complete financial, economic, labor, and currency information for more than 80 nations, "90 percent of the world economy," they say (note the disparity from the 50 nations cited above; that's why your professor always wants more than one source on a topic). Does that mean other figures could be off too? You bet! That's why research is research. Coverage includes up to 150 tables of economic facts and 20 years of data for each country. Moreover, the Encyclopedia standardizes data from different countries so that individual variables can be compared from country to country. You can get more information about the Encyclopedia by requesting a free 3.5-inch diskette; call (800) 722-4726.
Another reference of particularly useful information comes from a book recently published by Walter de Gruyter, Inc., called European Economic and Business Law: Legal and Economic Analyses on Integration and Harmonization (ISBN 3-11-014242-2) and edited by R. Buxbaum, G. Hertig, A. Hirsch, and K. Hopt. The main purpose of the book is to discuss the probable evolution of European economic and business law. Some of the topics addressed are accounting, corporate law, and securities regulation. Fundamentally, according to the book's editors, "there is one general assessment regarding future European business law developments: it is not inevitable, it will not happen without a struggle, but it is now conceivable that a single European business law will establish itself." Visit the World Wide Web site at www.deGruyter.de (see Chapter 41).
www.imf.org
publications@imf.org
World Economic Outlook
Published eight times a year
For more information, call
the Association of Alumni and Alumnae of the Massachusetts Institute of Technology
Phone: (617) 253-8250
Fax: (617) 258-7264