tailieunhanh - WORLD ECONOMIC OUTLOOK Rebalancing Growth phần 5

Cuối cùng, việc thu hút dòng vốn tư nhân đảm bảo rằng chính sách kinh tế vĩ mô thành công chứa họ sẽ tiếp tục là một thách thức chính sách lớn. Hơn 1 / 3 của nền kinh tế trong tiểu vùng Sahara châu Phi vẫn còn trên lợi nhuận của các thị trường vốn quốc tế và phụ thuộc vào hình thức chính thức của tài chính bên ngoài. | WORLD ECONOMIC OUTLOOK REBALANCING GROWTH Figure . Sub-Saharan Africa SSA Rebounding Strongly Declining trade and commodity prices hurt sub-Saharan Africa during the crisis but the recovery of both is supporting the rebound. Countercyclical fiscal balances and the stability of nonportfolio flows have also helped cushion the impact of the crisis in the region. 15-SSA Exports and the 2009_ _SSA Terms of Trade Slowdown percent change 2008 exports percent of GDP Finally attracting private capital flows and ensuring that macroeconomic policy successfully accommodates them will continue to be a major policy challenge. More than a third of economies in sub-Saharan Africa remain on the margins of international capital markets and dependent on official forms of external financing. For these economies the same reforms that are needed to raise productive potential including promoting trade and financial sector development encouraging domestic saving and investment raising standards of governance and strengthening institutions are also likely to help attract private inflows on a sustained basis. For the region s more advanced economies macroeconomic policy will need to take into account the renewed inflows of foreign capital to avoid overheating unwarranted appreciation and asset price booms. _ SSA Contributions to 12 . o2 Growth Private consumption -4 - Public consumption _ M Investment Net exports -8 I----1----5--1----1---1---1- 2004 05 06 07 08 09 10 SSA Net Financial Flows 100 - billions of . dollars 75 50 25 0 Public aid - Private direct investment Private portfolio flows -50 2004 05 06 07 08 09 10 SSA Current Account Balance -15 2004 05 06 07 08 09 10 Source IMF staff estimates. 1 2009 real GDP growth relative to average real GDP growth in 2003-07. 2 Excluding Liberia São Tomé and Príncipe and Zimbabwe. 68 International Monetary Fund I April 2010 3 CHAPTER UNEMPLOYMENT DYNAMICS DURING RECESSIONS AND RECOVERIES OKUN S LAW AND BEYOND f he global economy is .