và đồng euro vẫn còn ở phía bên mạnh mẽ liên quan đến nguyên tắc cơ bản trung hạn. e đồng thời thu hẹp sự mất cân bằng toàn cầu hiện nay có một thành phần quan trọng tạm thời. Trong số các nền kinh tế lớn, thặng dư tài khoản vãng lai của Trung Quốc đã giảm từ khoảng ½ 9% của GDP năm 2008-5 ¾ phần trăm của GDP trong năm 2009 | WORLD ECONOMIC OUTLOOK REBALANCING GROWTH during the 1970s. Studying a broad range of experiences in advanced and emerging economies Chapter 4 finds that reversing current account surpluses has typically not been associated with losses in economic growth policy-driven surplus reversals and related exchange rate appreciations are only one among many determinants of economic growth and are generally not In some cases expansionary macroeconomic policies helped boost domestic demand as foreign demand fell in response to exchange rate appreciations 18 in other cases exchange rate appreciation helped stem overheating in still others economies adopted broader structural reforms or their exports climbed the product quality ladder. Compared with earlier periods imbalances are now much larger and successful global demand rebalancing will require more significant actions in both deficit and surplus economies. Policymakers will need to exploit macroeconomic and structural policy synergies especially for fiscal consolidation in economies with external deficits. Regarding macroeconomic policies exit from accommodative fiscal positions is more of a concern for economies with excessive external deficits than for those with external surpluses. This exit should be achieved with measures that do not undermine potential growth for example through reforms to entitlement spending increases in consumption and fuel taxes and elimination of distortions that lower private saving foster leverage and boost investment in real estate. In economies with excessive external surpluses and room for policy maneuvers fiscal policy can remain accommodative. In major emerging economies with large surpluses fiscal measures could usefully be targeted toward improved programs for health care pensions and education. As the currencies of economies with excessive deficits depreciate then logically those of surplus economies must appreciate. It would be preferable to achieve this by adjustments to
