Though Russia's GDP contracted by less than expected in 2009, exports appear to nearing their maximum level and the banking system is facing a debt crisis, raising important questions about the future of Russia's fiscal policy and economic growth.
If European leaders are to avoid sinking deeper into a crisis with unpredictable consequences, they must take urgent and immediate action, not debate far-reaching proposals such as a European Monetary Fund.
The debate over China's currency propagates dangerous myths about both the Chinese economy and the potential benefits of a more expensive renminbi for the United States.
The risk of economic overheating in China now outweighs that of an economic downturn, and government leaders should be able to withdraw stimulus while maintaining strong growth for the several few years.
The economic outlook for the Gulf Cooperation Council remains encouraging, but the crisis has revealed financial sector vulnerabilities that need to be addressed in order to limit future disruptions of economic growth.
Confronted with structural weaknesses, external shocks, and the Ahmadinejad administration's gross mismanagement of the economy, Iran is facing its bleakest economic prospects in nearly two decades.
Changes in Japan's economic fundamentals, not its banking crisis, slowed the Japanese economy in the 1990s. No such deceleration existed in the United States before the crisis, suggesting that the U.S. economy will return to its pre-recession growth rate once the crisis passes.
Global food prices are already high, and oil price hikes, the increasing use of corn for biofuels production, and exchange rate volatility could drive prices up even further, which would prove disastrous for the poor.
The global recovery is strengthening and growth in 2010 is likely to be modestly higher than consensus estimates, but the crisis in Greece—and its possible spread to other Euro area countries—poses a significant risk.
The dispute between the United States and China over the value of China's renminbi distracts both countries from more important reforms. Policy makers should prioritize maintaining a collaborative relationship over staging another fruitless debate.























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