Europe is facing slower growth as a result of protracted financial turbulence and spillovers from the U.S. Meanwhile, inflation has risen sharply. Policymakers in advanced economies will have to continue to support financial markets and balance risks to real activity with the need to anchor...

The past year has been one of strong economic performance for the Western Hemisphere, notwithstanding somewhat slower growth in the United States in recent quarters. Can this performance be sustained, and what challenges does the region face? Reviewing macroeconomic prospects and risks, this...

The Middle East and Central Asia region grew at 6.5 percent in 2007, marking its best five-year performance over the past 30 years. So far, the turmoil in international financial markets has had a limited impact on the region, and the short-term outlook remains very favorable. The report reviews...

Intro -- CONTENTS -- PREFACE -- OVERVIEW -- RECENT DEVELOPMENTS AND SHORT- TERM PROSPECTS -- SCALING UP AID: MACROECONOMIC IMPLICATIONS -- FINANCIAL SECTORS: ISSUES, CHALLENGES, AND REFORM STRATEGIES -- FISCAL DECENTRALIZATION -- APPENDIX -- STATISTICAL APPENDIX -- REFERENCES -- PUBLICATIONS OF...

Strong economic performance across the Middle East and Central Asia is examined against the background of high prices for energy and other commodities. Common economic trends are presented, while prospects and policies are reviewed for the coming year in light of the global economic environment....

The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This...

Sub-Saharan Africa's growth performance during the past three years has been the best in more than three decades, and higher oil revenues and increased debt relief have been used to make progress toward the Millennium Development Goals (MDGs). Despite spending pressures, most countries have...

Economic developments in Asia have been positive so far in 2007. Growth has been stronger (and in many cases more balanced) than expected across much of the region, again led by China and India, and inflation pressures remain largely contained. Moreover, Asia weathered the recent financial...

In spite of a slower U.S. economy and recent market turbulence, growth in the Latin America and Caribbean region has continued at a robust pace. This reports explores the resilience of the LAC region to external shocks and the policy challenges involved in sustaining the region's improved...

The main focus of this report is the outlook for the region in the face of the downturn now projected for the U.S. economy and the continuing risks that affect the global outlook. Overall the region is better placed than in the past to navigate the current financial turbulence, given reduced...