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1 The International Economy and Prospects for Developing Countries

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Abstract

Macroeconomic stimulus, a rebound from a record trough in the high-tech sectors and a bottoming-out of inventory cycles, brought large parts of the global economy onto a recovery path at the end of 2001. Lower interest rates helped keep consumers ’ demand for durable goods strong. Together with fiscal easing, that demand provided support for the rebound in the United States and, to a lesser extent, in some East Asian and European countries. High-tech markets—in which technologies quickly become obsolete—returned to strong growth by creating replacements for old products. Inventory selloffs ceased, thereby contributing to an acceleration of gross domesti

Year: 2011
OAI identifier: oai:CiteSeerX.psu:10.1.1.198.959
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