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Globalized, Resilient, DynamicMany countries in the Latin America and
 the Caribbean (LAC) region, especially in South America,
 fared well during the global crisis and are now on a strong
 growth path. The region s recession in 2009 was relatively
 short lived and, with the notable exception of Mexico,
 remarkably mild. The current pace of economic recovery is
 exceeding expectations, with gross domestic product (GDP)
 projected to grow in the 5-6 percent range in 2010. This
 report discusses LAC's newfound resilience in the midst
 of financial globalization, examining key features of the
 cyclical behavior of LAC economies in comparison to other
 emerging economies and to its own past. Resilience is
 defined throughout this report in a broad sense to denote
 the ability of an economy to navigate with minimum
 disturbances through shocks, cushioning their negative
 spillovers in bad times, and recovering fast after a
 downturn. The report is structured as follows: first, it
 evaluates the relative performance of LAC countries during
 the contractionary period generated by the recent global
 crisis, to shed light on LAC's ability to shield its
 economies or soften the blow of a large external shock.
 Second, a similar exercise is conducted for the recovery
 phase of the cycle, when in the aftermath of an external
 shock more resilient countries will be expected to have a
 faster and more robust recovery. Third, it takes a deeper
 look at the different driving forces behind the recovery,
 including the role of domestic demand, commodity prices, and
 the connection to emerging Asia. Fourth, it provides
 evidence of the ability of different countries in LAC to
 conduct counter-cyclical policies in response to the global
 financial crisis. Lastly, a concluding section warns about
 the main macro-financial tensions and challenges lying ahead
 for the region.
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Indonesia Economic Quarterly, July 2015Midway through 2015, Indonesia remains
 confronted with an uncertain external environment, and
 domestic economic policy challenges have intensified. GDP
 decelerated to below 5 percent in the first quarter and
 private consumption expenditure, Indonesia’s engine of
 growth in recent years, is also slowing. Weaker growth has
 resulted in slower job creation, with recent employment
 rising only just enough to absorb the increase in working
 age population. While the commodity downturn since 2012 and
 policy response have affected output growth the most in
 resource-rich provinces, employment creation has come under
 pressure across Indonesia. Yet the scope for policy stimulus
 is limited and monetary policy in particular is constrained
 due to sticky inflation and persistent external vulnerabilities.
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Africa's Pulse, October 2015External headwinds and domestic
 difficulties are impacting economic activity in Sub-Saharan
 Africa. Sub-Saharan Africa’s growth will decelerate in 2015
 amid weak global economic conditions. Some countries,
 however, will continue posting solid growth. Sub-Saharan
 Africa is entering a period of tightening borrowing
 conditions amid growing domestic and external
 vulnerabilities. Reflecting the widening fiscal deficits,
 government debt has continued to rise in many countries.
 Weak fundamentals, combined with the strong appreciation of
 the U.S. dollar, have kept currencies across the region
 under pressure throughout the year. Policy buffers are low
 in several countries, constraining the response to the
 current environment and underscoring the need for African
 countries to improve domestic resource mobilization and
 enhance public expenditure efficiency. Progress in reducing
 income poverty in Sub-Saharan Africa may have been faster
 than the authors thought, but poverty remains high. The
 region’s growth deceleration challenges efforts to reduce poverty.