Contribution to Book
International Linkages and Spillovers for MENAP and CCARegional Economic Outlook: Middle East and Central Asia, November 2013 (2013)
AbstractMENAP and CCA economies’ international linkages have been strengthening during the past decade; yet both regions remain only moderately integrated into the global trade and fi nancial system. As a result, output cycles in the region are only partially synchronized with global developments, and the impact of global shocks on the region is limited. A slowdown in major emerging market economies would somewhat weaken growth in MENAP and CCA because of lower commodity prices, as well as exports and remittances, particularly from Russia. The effects of slower growth in the euro area would be felt mostly in the Maghreb, given its strong export and remittances links with Europe. Low external financial exposures and fi nancial development limit the potential impact of a greater and longer-lasting tightening of global financial conditions on the region. Pockets of vulnerabilities nonetheless exist, particularly in countries with large financing needs, low external and financial buffers, or both.
PublisherInternational Monetary Fund
Citation InformationAlberto Behar. "International Linkages and Spillovers for MENAP and CCA" Regional Economic Outlook: Middle East and Central Asia, November 2013 (2013)
Available at: http://works.bepress.com/alberto_behar/35/