World Economic outlook: Focus on Transition Economies

The projections and analysis contained in the World Economic Outlook are an integral element of the IMF'S ongoing surveillance of economic developments and policies in its member countries and of the global economic system. The IMF has published the World Economic Outlook annually from 1980 through 1983 and biannually since 1984. The survey of prospects and policies is the product of a comprehensive interdepartmental review of world economic developments, which draws primarily on information the IMF staff gathers through its consultations with member countries. These consultations are carried out in particular by the IMF's area departments together with the Policy Development and Review Department and the Fiscal Affairs Department. The country projections are prepared by the IMF's area departments on the basis of internationally consistent assumptions about world activity, exchange rates, and conditions in international financial and commodity markets. For approximately 50 of the largest economies-accounting for 90 percent of world output-the projections are updated for each World Economic Outlook exercise. For smaller countries, the projections are based on those prepared at the time of the IMF's regular Article IV consultations with those countries or in connection with the use of IMF resources. The analysis in the World Economic Outlook draws extensively on the ongoing work of the IMF's area and specialized departments, and is coordinated in the Research Department under the general direction of Michael Moussa, Economic Counselor and Director or Research. The World Economic Outlook project is directed by David Robinson, Assistant Director of the Research Department, together with Tamim Bayoumi, Chief of the World Economic Studies Division.