Global Economic Prospects Essay

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GLOBAL ECONOMIC PROSPECTS
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ECON222-CZ1
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Global Economics Prospect are key factors the overall financial outlook of the global economy. There are multiple groups that contribute reports to the world relative to how the economy is progressing. Most reports include information regarding the GDP, GNP, inflation rates, interest rates, unemployment rates, stock/bonds market pricing, real estate market, and new construction. Many outlook groups focus their attention on a short term assessment; keeping their projections based simply on the next year or two. There are other groups that expand their prediction and look into many years ahead. Many of the economic reports that are published separate the economies dependent upon if they are considered (1) a developed or advanced economy, (2) an economy in transition or an emerging market, or (3) a developing economy. There is some discrepancy relative to what defines and emerging market and developing economy. This definition largely depends upon the group that is analyzing the data; one may deem a region as an emerging market and others may consider it a developing market. A developed or advanced economy is an economy that is more economically developed or economically sound. This type of economy has proven over time that it can sustain economic growth. An emerging market economy is one that contains regions that are still working on their economic growth, but yet, economists consider them to be on the verge of rapid growth or industrialization. No matter what type of market, there are many different factors that impact the reports and the overall direction of the economy. Some of the factors that are reviewed in order for organizations to create informative reports are current wages and compensation, current interest rates, the cost of higher education, the housing market and new construction, overall global trade, the growth and/or weakness of emerging markets, political shifts, environmental concerns, and natural disasters (Fontevecchia, 2013). The global economy is still working through the aftermath of the United States’ 2008-2009 Savings and Loan devastation and the housing bubble bust in the early 2000s. This is now leaving the majority of the world rather unsettled. The banking and real estate catastrophe from the ten years prior, led us into a recession in the early 90s. The Fed then responded with a rapid discount in the interest rates to attempt to permit borrowers to restructure their loans and build their holdings. Then the housing market went downhill and the economy continued to decline (Akyiiz, 2010). For this reason, there are a greater number of groups that are preparing economic prospect reports that are disseminated on a local, as well as, global scale. These groups of economists monitor economic trends on a global level, analyze the data collected from the different markets, and then formulate very detailed reports to be disseminated to specific entities/groups. Different reports are prepared specifically for specific audiences, other are prepared on a more general level. There are reports prepared for the United Nations, the Federal Government, Financial Institutions, large corporations, etc. The World Bank is one of the organizations that have a group conducting research on its behalf. The World Bank’s Prospects Group is the one of the entities that reviews economic growth on a semi-annual basis. The Prospects Group consists of multiple high-level financial executives that represent different areas of the globe. These executives gather data from various databases that encompass over 160 countries that are segmented in various ways. Some databases are segmented by region and others may be segmented based on if they are public or private sectors, or the market in which they fall under. The economists then compile the statistical information and formulate a formal report to be disseminated to the
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