Global Economic Prospects 2014

Five years after the financial crisis, the world economy is showing signs of bouncing back. Read more ...

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Prospects Weekly: Between April and November 2014, the U.S. dollar appreciated by 5 percent, Emerging market currencies depreciated by an average of 8.6 percent, The broad outlook for developing countries remains positive

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Strengthening of the U.S. dollar through the course of 2014 has sparked a flurry of warnings that a strong dollar may cause sharp depreciations in emerging markets. Generally, though, emerging markets have experienced mild exchange rate movements this year compared to those that occurred during previous episodes of sustained U.S. dollar appreciation, and growth in these economies is expected to strengthen through 2017.

Prospects Daily: Russian currency hits record low despite rate hike, U.S. retail sales beat expectations,Turkey’s current account continues to narrow

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Financial Markets

The Russian currency sank to a fresh low on Thursday even after the central bank raised interest rates. The ruble fell as much as 1.4% against the dollar to 55.5955 as investors speculated that the rate increase was not large enough to halt the currency’s 41% depreciation against the dollar this year—the worst performing currency after Ukraine’s hrynia. Russia’s stocks markets slumped with the benchmark MICEX Index and the dollar-denominated RTS Index sliding 2.2% and 3.5%, respectively.

Prospects Daily: Oil falls to 5-year low, Japan’s consumer confidence hits 7-month low, Turkey’s Q3 GDP growth disappoints

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Financial Markets

Brent oil prices, the global benchmark, fell below $65 a barrel for the first time in more than 5 years after OPEC cut 2015 crude demand forecast to 12-year low. Brent for January delivery declined 2.5% (or $1.65) to $64.19 a barrel in afternoon trading on the London exchange, the lowest level since September 2009, and extending year-to-date drop to 41%. Meanwhile, West Texas Intermediate (WTI) lost as much as 3.1% to $61.82 a barrel on the New York exchange, the lowest level since July 2009.

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