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After registering the weakest growth in 14 years during FY2016, economic activity is recovering in Nepal. Agriculture and construction are expected to improve on the account of a good monsoon as well as increased disbursements of housing reconstruction grants. Coupled with in-creased government spending, this is expected to push FY2017 growth to 5 percent and to remain in line with potential thereafter. This edition of the Nepal Development Update examines the key economic developments in Nepal over the preceding months, placing them in a longer term and global perspective. In the Special Focus section, the authors take a closer look at what it would take for the electricity sector to power Nepal's recovery. Over the past decade, power outages in Nepal have increased substantially. Availability of reliable and affordable electricity has become a major constraint for Nepal's development as it hampers the ability to improve living standards, raise agricultural productivity and income, and help youth transition from farming to non-farm employment through creation of new industries at home. Given Nepal's natural endowments, it is not difficult to envision an electricity sector that can support green growth, poverty reduction, and shared prosperity. Such an electricity sector would not only meet domestic demand reliably, affordably, and cleanly, but would earn revenue from export of surplus hydropower through enhanced regional electricity markets to neighboring countries by integrating the wider South Asia power market. Wholesale structural reforms of the electricity sector are needed to achieve this.
Economic Forecasting --- Economic Growth --- Economic Recovery --- Electric Power --- Electricity --- Energy --- Fiscal & Monetary Policy --- Hydro Power --- Hydropower --- Inflation --- Investment Climate --- Macroeconomics and Economic Growth --- Monetary Policy
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Jordan's economic growth has been subdued in the last year as spillovers from regional instability take a toll. Jordan has been managing spillovers from the Syrian crisis including closure of trade routes with Iraq and Syria and hosting more than 656,000 registered Syrian refugees with UNCHRwith an estimated 1.3 million Syrians in Jordan as per the census. While the Jordanian economy hasheld up with growth generated from a number of sectors, it has been losing momentum. Growth of2.1 percent in the first half of 2016 slightly declined compared to 2.2 percent in first half of 2015. The outlook is subject to downside risks. Compared to the region, Jordan's growth forecast of 2.3 percent for 2016 is in line with the average growth rate for the Middle East and North Africa. However, higher frequency of security incidents are materializing around Jordan and could further depress consumer and investor confidence. Containing the fiscal deficit and implementing the new IMF program will be challenging as some adjustment measures could be considered socially sensitive. In parallel, the implementation of planned reforms to improve the functioning of the labor market, improve the investment climate and unlock access to finance which are vital to stimulate economic activity, and improve welfare. Finally, Jordan's external position will face further pressures if expected grants and concessional financing do not materialize and grants are not sustained and increased.
Economic Conditions and Volatility --- Economic Growth --- Economic Recovery --- Education --- Education Reform --- Employment --- Fiscal & Monetary Policy --- Macroeconomics and Economic Growth --- Monetary Policy --- Political Economy
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Policy makers in commodity-exporting countries have faced increasing challenges in the past two years, in the face of reduced demand from China and uncertain economic recovery in developed economies. Zambia is no exception. Falling copper prices and a power crisis have contributed to an economic slowdown. The effects of the slowdown could arguably have been counteracted in a sustainable manner by utilizing fiscal buffers, but this option was not available, as Zambia did not make savings or provide for stabilization measures when the economy was prospering. Furthermore, options to access external financing are limited, as Zambia's debt levels have soared in recent years following repeat non-concessional borrowing, making it more difficult and expensive to borrow from international debt markets. This policy note examines Zambia's fiscal vulnerabilities and the costs associated with its expansionary, subsidy-oriented fiscal policy. It then sets out the benefits of coordinating fiscal policy with monetary policy in a way that is mutually reinforcing and beneficial to private sector investment, instead of having the two pull in opposite directions, as is currently the case. Finally, it makes recommendations to help shift the fiscal position to a more sustainable path and in turn improve market confidence and the prospects for sustainable economic recovery.
Analysis of Economic Growth --- Economic Conditions and Volatility --- Economic Forecasting --- Economic Management --- Economic Recovery --- Economic Stabilization --- Economic Statistics, Modeling and Forecasting --- Fiscal & Monetary Policy --- Fiscal Policy --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy
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