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The World Economic Outlook (WEO) is a key source of forecasts of global economic conditions. It is therefore important to review the performance of these forecasts against both actual outcomes and alternative forecasts. This paper conducts a series of statistical tests to evaluate the quality of the WEO forecasts for a very large cross section of countries, with particular emphasis on the recent recession and recovery. It assesses whether forecasts were unbiased and informationally efficient, and characterizes the process whereby WEO forecasts get revised as the time to the point of the forecast draws closer. Finally, the paper assess whether forecasts can be improved by combining WEO forecasts with the Consensus forecasts. The results suggest that the performance of the WEO forecasts is similar to that of the Consensus forecasts. While WEO forecasts for many variables in many countries meet basic quality standards in some, if not all, dimensions, the paper raises a number of concerns with current forecasting performance.

Economic development. --- Economic forecasting -- Evaluation. --- Electronic books. -- local. --- International economic relations. --- Business & Economics --- Economic Theory --- Economic forecasting --- Evaluation. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economics --- Development, Economic --- Economic growth --- Growth, Economic --- Forecasting --- Economic policy --- International relations --- Economic sanctions --- Economic indicators --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Exports and Imports --- Inflation --- Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Forecasting and Simulation: Models and Applications --- Price Level --- Deflation --- Forecasting and Other Model Applications --- Economic Forecasting --- Current account balance --- Current account --- GDP forecasting --- Balance of payments --- National income --- Prices --- United States --- Gdp forecasting