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In China, growth will gradually moderate, reflecting intensified policy efforts to address financial vulnerabilities and structural constraints, and place the economy on a more sustainable growth path. In the rest of the region, growth will pick up, as exports firm in line with strengthening global activity, and the impact of domestic adjustment in large ASEAN countries eases. Significant uncertainties remain about the sustainability of the global recovery, and global financial conditions are likely to tighten. The short-term priority in several countries is to address the vulnerabilities and inefficiencies created by an extended period of loose financial conditions and fiscal stimulus. In China, the authorities need to strike a balance between containing growing risks from rising leverage and meeting the indicative growth targets. Over the longer term, the focus in most countries must be on structural reforms to enhance export competitiveness. The report's special section focuses on education and skills development; international migration; and the policy priorities for the Pacific Island Countries.

Development --- Economic Policy --- Education --- International Economics and Trade --- Macroeconomics --- Macroeconomics and Economic Growth --- Migration --- Remittances

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Compared with the previous three years, 2014 seems hopeful and 2015 could be a turning point for the countries in the Middle East and North Africa (MENA) region. Many countries in MENA will start to benefit from stronger external demand in the high-income economies, as the global economy is set for a rebound in 2014. In the MENA region, higher global demand is expected to boost exports of energy and manufactured products in those countries that have trade linkages with high- income countries. Growth in MENA is expected to reach 3.3 percent in 2014 and further accelerate to 4.6 percent in 2015. Nevertheless, the prospects for growth in MENA could be threatened if long awaited structural problems remain unresolved.

Arab Spring --- Arab transition countries --- Development Economics --- Economic Policy --- Growth --- International Economics and Trade --- Investment --- Macroeconomics and Economic Growth --- Poverty Reduction --- Volatility

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The global economy got off to a bumpy start this year, but growth in 2015 and 2016 looks to be broadly on track. Projections for developing countries in 2014 have been down downgraded by 0.5 percentage points to 4.8 percent mainly reflecting weak first quarter growth in the US due to weather and the conflict in Ukraine. Going forward growth is projected to firm to 5.3 and 5.5 percent in 2015 and 2016 supported by easy global financial conditions and rebounding exports as high-income countries continue to recover under the influence of a reduced drag from fiscal consolidation and improving labor markets. Financial conditions will eventually tighten, and when they do there is risk of further volatility. Most developing countries are in good fiscal and financial shape, but where vulnerabilities remain countries need to tighten policy to reduce the potential impact of external shocks. Overall, growth for developing countries will be solid but not strong enough to generate the income and employment gains needed to eliminate poverty by 2013. As a result, countries need to focus on structural reform in order to lift growth in and enduring and sustainable manner.

Capital Inflows --- Developing Countries --- Finance and Financial Sector Development --- Forecast --- Growth --- High-Income Countries --- Inflation --- International Economics and Trade --- Macroeconomics --- Macroeconomics and Economic Growth --- Monetary Easing --- Outlook --- Unemployment

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While the focus has been on the recent change in government in Egypt, five countries in the Middle East and North Africa Region, including Egypt, Tunisia, Lebanon, Jordan and Iran are facing a growth slowdown, rising fiscal deficits and debt, and high unemployment and inflation. Continued political turmoil in Egypt and spillovers from the civil war in Syria to Jordan and Lebanon threaten to make their economic situation worse. While easing political tensions in Tunisia and post-election improvements in Iran's international relations may help these countries, the overall macroeconomic outlook in all five countries for the rest of 2013 is grim.

Arab Spring --- Arab Transition Countries --- Development Economics --- Economic Policy --- Growth --- International Economics and Trade --- Investment --- Macroeconomics and Economic Growth --- Poverty Reduction --- Volatility

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Global recovery remains below expectations and uneven across major advanced economies. Monetary tightening in a recovering US economy and potential deflation in a weak Eurozone constitute sources of risk for developing and emerging market economies. Nonetheless, developing country growth remains fairly robust. Notably, India continues its path towards sustained and faster growth as well as macroeconomic stability thereby paving the way for a solid regional performance in South Asia. While the region's external position has been further solidified, key domestic challenges include reducing risks on the fiscal side as well as sustaining investment and export growth through structural reform and prudent macroeconomic policy. The overall short and medium term outlook for South Asia points towards continued acceleration with potential downside risks concentrated on the fiscal and structural reform side. Future growth dynamics will increasingly depend on strong investment and export performance. While a challenging task, it may afford South Asia to significantly catch up with the fastest growing region - East Asia and Pacific. This edition's special focus section takes a macroeconomic look at exports and their potential for becoming a permanent growth pillar in South Asia.

Economic Growth --- Economic Policy --- Economic Risks --- External Vulnerability --- Financial Sector --- International Economics and Trade --- Investment --- Macroeconomic Developments --- Macroeconomics and Economic Growth --- Trade