The gross domestic product (GDP) of a country can be defined as the value of the total final output of all goods and services produced in a single year within a country's boundaries. The growth is expressed as a percent.
Olivier Blanchard, IMF Economic Counsellor and Director of Research Department, Thomas Helbling, Chief of the World Economic Studies Division, Research Department, IMF, and Gian Maria Milesi-Ferretti, Deputy Director, Research Department, IMF, discuss the latest World Economic Outlook report
The GDPs of several countries can be combined to reflect the state of the economy of a particular geographic region (for example, countries in the Middle East) or of a group of countries at a particular stage of development (for example, advanced versus emerging economies).
Emerging and Developing economies dominated the period between 2006 and 2015. Emerging and Developing Asia, in particular, grew at an average annual pace of 8 %.
|Country Group||2006||2007||2008||2009||2010||2011||2012||2013||2014||2015||AVG. %
|Other advanced economies (Advanced economies excluding G7 and euro area)||4.8||5.1||1.8||-1.0||5.9||3.3||2.0||2.3||2.9||3.1||3.0|
|Emerging market and developing economies||8.2||8.6||5.8||3.1||7.5||6.2||5.1||4.7||4.4||5.0||5.9|
|Commonwealth of Independent States||8.9||9.0||5.4||-6.2||5.0||4.8||3.4||2.2||0.8||1.6||3.5|
|Emerging and developing Asia||10.1||11.2||7.1||7.5||9.5||7.7||6.7||6.6||6.5||6.6||8.0|
|Emerging and developing Europe||6.4||5.3||3.2||-3.6||4.7||5.5||1.4||2.8||2.7||2.9||3.1|
|Latin America and the Caribbean||5.7||5.8||3.9||-1.3||6.0||4.5||2.9||2.7||1.3||2.2||3.4|
|Middle East, North Africa, Afghanistan, and Pakistan||6.7||5.8||5.2||2.3||5.3||4.4||4.8||2.5||2.7||3.9||4.4|
According to the IMF, “despite setbacks, an uneven global recovery continues” in 2014. As a result of weaker-than-expected global activity in the first six months of 2014, the Fund revised its forecast for the world economy downward, to 3.3% for this year and to 3.8% for 2015. Medium-term risks to global growth, says the IMF, “include stagnation and low potential growth in advanced economies and a decline in potential growth in emerging markets.”
Overall, Advanced Economies are expected to expand at a pace of 1.8% and 2.3% in 2014 and 2015 respectively. The Euro Area though continues to drag its feet. After contracting 0.4% in 2013, it is predicted to return to a positive scenario this and next year but meagerly so, growing by 0.8% in 2014 and 1.3% in 2015.
As for Emerging Market and Developing Economies, the latest IMF estimate puts economic expansion at 4.4% in 2014 and 5% in 2015, still decidedly down from the peaks of 8% growth reached in 2006 and 2007 and also lower than previous Fund’s forecasts. Activity in Developing Asia (+6.6% in 2015) remains higher than average, though also weaker than it used to be until only three years ago. Sub-Saharan Africa (+5.8% in 2015) is probably the only region of the world bucking the trend, with the economy on the upswing and expanding faster than in previous years.
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