Policy Challenges for Emerging and Developing Economies : Lessons from the Past Decade

Ruch, Franz Ulrich

World Bank, Washington, DC

关键词: MACROECONOMIC POLICY;    FISCAL POLICY;    MONETARY POLICY;    STRUCTURAL REFORM;    POTENTIAL GROWTH;   

DOI  :  10.1596/1813-9450-9180
RP-ID  :  WPS9180

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The 2009 global recession demonstrated,once again, the importance of crisis prevention as well asthe critical need for preserving policy room so thatemerging market and developing economies (EMDEs) can actwhen their economies are hit by shocks. And now, with theglobal growth outlook still weak and vulnerabilities rising,these lessons underscore the need for comprehensive policiesto improve EMDEs' resilience to shocks and liftlong-term growth prospects. On the macroeconomic front,priorities include shoring up fiscal positions, keepingadequate foreign reserves, and strengthening policyframeworks. Financial sector policies to adapt to a changingglobal financial environment include strengthening home-hostsupervisor coordination and establishing prudentialauthorities with the appropriate tools and mandates tomitigate systemic risks. Structural policy prioritiesinclude investment in human capital and infrastructure tooffset the decline in potential growth that is expected tocontinue over the next decade. Renewed reform momentum isneeded to create the environment that generates privatesector-led, productivity-driven growth supported by measuresto improve governance and business climates.