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January 2010

Recent corporate bond issues on African countries’ markets point to their potential for financing infrastructure

Over the past several years, a number of African low- and lower-middle income countries have put development of local currency bond markets on their national policy agendas. Several common motives have been driving this, including a desire to avoid the currency mismatch that can be associated with domestic debt that is denominated in foreign currencies—which has been known to trigger and worsen the severity of financial crises.

GEP2010 on the road

Rebecca Ong's picture

The Global Economic Prospects 2010 dissemination mission continues this week to Berlin, Madrid, Beijing, Hanoi, and Jakarta. Next stops: New Delhi, Ankara, Warsaw, and Moscow.

As the report authors met with policy makers, economists, think tanks, and journalists discussing the state of the global economy and its impact on developing countries (especially how to deal with tight international financing that could limit growth), the ensuing news coverage mirror the particular concerns of each country.

Two Distinct Windows for Recent Emerging Market Currency Movements

Jamus Lim's picture

Two distinct phases have characterized the recent movement of emerging market currencies. The first phase was a sharp decline when the crisis first occurred, as capital flight into the safety of the dollar led to a significant depreciation of emerging market currencies vis-à-vis the dollar.

A Painful Recovery

Hans Timmer's picture

The tone of the World Bank’s newly published Global Economic Prospects 2010 is somber, with a lot of concern about vulnerabilities and unsolved problems. That might be surprising, because the report also predicts a widespread, global recovery (global growth of 2.7 percent this year and 3.2 percent next year) after the disastrous 2.2 percent contraction of global output in 2009. Is there no reason to celebrate?