tailieunhanh - International Monetary and Financial Committee

Although the banks show excess liquidity they are unwilling to extend long-term equipment loans. The leasing companies have the opposite problem; they provide long-term financing on equipment, but lack sufficient capital to meet the market demands. An intervention by the DCA becomes viable for leasing only when an outside source of funds (private sector or an internationally strategic investor) is willing to make a capital investment (debt/equity). One of the most widely used sources of financing for leasing is credit lines. In fact, OPIC approved a $1 million credit line for GLC, in September. | International Monetary and Financial Committee Twenty-Seventh Meeting April 20 2013 Statement by Angel Gurria Secretary-General Organisation for Economic Co-operation and Development On behalf of Organisation for Economic Co-operation and Development OECD BETTER POLICIES FOR BETTER LIVES IMF WB Spring Meetings Written Statement for the I MFC Remarks by Angel Gurría Secretary-General OECD 20th April 2013 Washington United States Global Economic Outlook After a marked slowdown in late 2012 the global economy appears now to be picking up. Output growth was weak in most advanced countries in the last quarter of 2012 and the increase in global trade volumes came to a virtual halt. Growth among emerging economies has remained much faster than that of advanced countries on average although with significant differences across countries. The outlook in the first half of 2013 is for a return to moderate growth in the United States and an acceleration from low levels in Japan boosted by new policy measures. In Europe a meaningful recovery is likely to take somewhat longer but prospects for the euro-area should improve during the year. The receding of negative tail risks in the United States and the euro area in late 2012 and early 2013 together with abundant liquidity was an important factor behind the marked strengthening of financial markets in recent months. Equity prices in OECD economies have surged corporate bond spreads have narrowed and despite a number of negative shocks sovereign spreads in the euro area periphery moved down substantially in the last quarter of 2012 and have declined further in 2013. This builds also on the policy actions taken in recent years including the effect of supportive monetary policy. Fiscal consolidation and structural reforms are progressing especially in the euro area where great strides have been made to reduce structural budget deficits. Albeit asymmetric the process of euro area rebalancing is underway and competitiveness is .