Valentin P. Vishnevsky, Nataliia M. Shelud`ko, 80_05
Wednesday, 06 December 2017 00:51 | Author: Покотиленко Р.В. | 
Valentin P. Vishnevsky,
Academician of the NAS of Ukraine
Institute of the Economy of Industry of the NAS of Ukraine
03680, Ukraine, Kyiv, Gelabov Str., 2
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it ;
Nataliia M. Shelud`ko,
Doctor of Economics, professor
State Institution «Institute for Economics and Forecasting, NAS of Ukraine»
01011, Ukraine, Кyiv, Panasa Myrnoho Str., 26
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
World monetary centres at the stage of global financial instability: risks, challenges and perspectives
Section: Macroeconomic and regional problems of industrial development
Ekon. promisl. 2017, 80(4): 75-96
Language: English
Abstract | Full text (PDF)
DOI:
References
1. IMF (2016, September 26). Global Financial Stability Report: Executive Sum-mary. International Monetary Fund. [In Russian].
2. Jones, С. (2017) Trump’s top trade adviser accuses Germany of currency ex-ploitation. Financial Times. Retrieved from https://www.ft.com/content/57f104d2-e742-11e6-893c-082c54a7f539 [Accessed 21 Oct. 2017].
3. Dobbs, R., Lund, S., Woetzel, J. & Mutafchieva, M. (2015). Debt and (not much) deleveraging. Report McKinsey Global Institute. Retrieved from http://www.mckinsey.com/global-themes/ employment-and-growth/debt-and-not-much-deleveraging [Accessed 21 Oct. 2017].
4. UNDP (2014). Human Develop-ment Report 2014. Sustaining Human Pro-gress: Reducing Vulnerabilities and Building Resilience. New York: United Nations Development Programme.
5. Huntington, S. (2003). The Clash of Civilization / Transl. from English. T. Velimeeva, Yu. Novikova. M: LLC "Publishing house AST" [In Russian].
6. Schwab, К. (2015, December 12). The Fourth Industrial Revolution. What It Means and How to Respond. Foreign Affairs.
7. World Bank (2013). Capital for the Future: Saving and Investment in an Inter-dependent World. Global Development Ho-rizons. Washington, DC: World Bank.
8. Rogoff, K. (2009). The "New Normal" for Growth. Project Syndicate. Retrieved from: https://www.project-syndi cate.org/commentary/the--new-normal--for-growth [Accessed 21 Oct. 2017].
9. Stiglitz, J. (2016). China’s Bumpy New Normal. Project Syndicate. Retrieved from https://www.project-syndicate.org/ commentary/china-economic-policy-debate-by-joseph-e--stiglitz-2016-01 [Accessed 21 Oct. 2017].
10. Vedder, R. (2009). The Evolution of the global financial system. eJournal USA, 5, Vol. 14, pp. 27-30. [In Russian].
11. The World Bank in the Russian Federation (2014). Russia Economic Report 32: Policy Uncertainty Clouds Medium-Term Prospects. The World Bank. Poverty Reduction and Economic Management Dept, Europe and Central Asia, 32. [In Russian].
12. Globalfirepower.com. 2017 Military Strength Ranking. www.globalfirepower.com. (2017). Retrieved from: https://www.global-firepower.com/countries-listing.asp [Acces¬sed 21 Oct. 2017].
13. The Biharprabha News. BRICS Development bank top on Agenda of 6th BRICS Summit (2015). Retrieved from: http://news.biharprabha.com/2014/07/brics-development-bank-top-on-agenda-of-6th-brics-summit/ [Accessed 21 Oct. 2017].
14. Interfax. Gazprom signed a 30-year gas supply contract to China. Interfax.ru (2014). Retrieved from: http://www.interfax.ru/business/377240 [Accessed 21 Oct. 2017].
15. Schoen, D., & Kaylan, M. (2014). Russia-China Axis: The New Cold War and America’s Crisis of Leadership. New York, London: Encounter Books.
16. TASS (2017). Xi Jinping: on the prospects of Chinese-Russian relations we are full of optimism. TASS. Russian infor-mation Agency. Retrieved from: http://tass.ru/opinions/interviews/4379492 [Accessed 21 Oct. 2017]. [In Russian].
17. Buchanan, Р. (2015). Imperial Overstretch. Creators. Retrieved from: http://www.creators.com/opinion/pat-bucha-nan/imperial-overstretch-.html [Accessed 21 Oct. 2017].
18. Subacchi, P. (2015). American Leadership in a Multipolar World. Project Syndicate. Retrieved from: http://www.project-syndicate.org/commentary/ china-united-states-global-governance-by-paola-subacchi-2015-04/russian [Accessed 21 Oct. 2017].
19. Hoffman, K. (2015) Precious Metals Mining: Pros and Cons of the Gold Standard. Bloomberg Professional Services. Retrieved from: http://www.bloomberg. com/professional/blog/precious-metals-mining-pros-and-cons-of-the-gold-standard/ [Acces-sed 21 Oct. 2017].
20. Stiglitz, J.E. (2015). Asia’s Multi-lateralism. Project Syndicate. Retrieved from: http://www.project-syndicate.org/ print/china-aiib-us-opposition-by-joseph-e--stiglitz-2015-04/ [Accessed 21 Oct. 2017].
21. Hummel, J. (2011). Ben Bernanke versus Milton Friedman. The Federal Re-serve’s Emergence as the U.S. Economy’s Central Planner. The Independent Review, 15 (4). pp. 485-518.
22. Executive Office of the President, Council of Economic Advisors (2016). Eco-nomic Report of the President Transmitted to the Congress February 2016. Together with the Annual Report of the Council of Economic Advisers.
23. Perez, C. (2011). Technological Revolutions and Financial Capital: The Dy-namics of Bubbles and Golden Ages / Transl. from English. F.V. Maevsky. Moskow: Publishing house "Delo" ANH. [In Russian].
24. The Economist (2015). Watch out. It is only a matter of time before the next recession strikes. The rich world is not ready. Retrieved from: http://www.economist. com/news/leaders/21654053-it-only-matter-time-next-recession-strikes-rich-world-not-ready-watch?fsrc=nlw [Accessed 21 Oct. 2017].
25. Rickards, J. (2011) Currency wars: the making of the next global crisis. London: Penguin Books Ltd.
26. Duhigg, C., & Bradsher, K. (2012). How the U.S. Lost Out on iPhone Work. Ny-times.com. Retrieved from: http://www.nytimes.com/2012/01/22/business/apple-america-and-a-squeezed-middle-class.html?_r=1&hp=&pagewanted=all [Accessed 21 Oct/ 2017].
27. Gates, B. (2015). Have You Hugged a Concrete Pillar Today? Gatesnotes.com. Retrieved from: http://www.gatesno tes.com/Books/Making-the-Modern-World [Accessed 21 Oct. 2017].
28. Wildau, G. (2015). China’s ‘mi-grant miracle’ nears an end as cheap labour dwindles. Financial Times. Retrieved from: http://www.ft.com/intl/cms/s/0/211df974-ee47-11e4-98f9-00144feab7de.html#axzz3 bXyj53yA [Accessed 21 Oct. 2017].
29. Cbr.ru. (2017). Structure of inter-national reserves of individual countries. The Bank of Russia. Retrieved from: http://www.cbr.ru/statistics/print.aspx?file=credit_statistics/res_str.htm [Accessed 21 Oct. 2017].
30. Manukov, S. (2015). The Chinese bought on the sly half the world. Expert.ru. Retrieved from: http://expert.ru/2015/05/ 25/planeta-v-kogtyah-kitajskogo-drakona/ [Accessed 21 Oct. 2017]. [In Russian].
31. Morrison, W., & Labonte, M. (2013). China’s Holdings of U.S. Securities: Implications for the U.S. Economy. Con-gressional Research Service, CRS Report RL34314.
32. Rossi, L. (2015). China is export-ing deflation around the world, says M&G's Riddell. Citywire Global. Retrieved from: http://citywireglobal.com/news/china-is-exporting-deflation-around-the-world-says-mandgs-riddell/a812047 [Accessed 21 Oct. 2017].
33. Street, C. (2015). China is Ex-porting Deflation to Europe. Breitbart. Retrieved from: http://www.breitbart.com/ national-security/2015/01/11/china-is-exporting-deflation-to-europe/ [Accessed 21 Oct. 2017].
34. Noble, J., & Wildau, G. (2015). China: Fear of a deflationary spiral. FT.com. Retrieved from: http://www.ft.com/ intl/cms/s/0/7a0e882e-700b-11e4-bc6a-00144feabdc0.html#axzz3e5b76PPA [Ac-cessed 21 Oct. 2017].
35. Royal Society Science Policy Centre (2011). Knowledge, Networks and Nations: Global scientific collaboration in the 21st century. RS Policy document 03/11.
36. Cao, C., Li, N., Li, X., & Li, L. (2013). Science and Government. Reforming China's S&T system. Science, 3. pp. 460-462 [In Russian].
37. Buchanan, P. (2003). The Death of the West / Transl. from English. A. Bashkirov. M.: ACT [In Russian].
38. Executive Office of the President, Council of Economic Advisors (2015). Eco-nomic Report of the President Transmitted to the Congress February 2015. Together with the Annual Report of the Council of Economic Advisers.
39. Edition.cnn.com (2008). Minorities expected to be majority in 2050. CNN.com. Retrieved from: http://edition. cnn.com/2008/US/08/13/census.minorities/ [Accessed 21 Oct. 2017].
40. Yuhas, A. (2015). Muslim popula-tion in Europe to reach 10% by 2050, new forecast shows. The Guardian. Retrieved from: http://www.theguardian.com/world/ 2015/apr/02/muslim-population-growth-christians-religion-pew [Accessed 21 Oct. 2017].
41. Mackinder, H. (1904). The Geo-graphical Pivot of History. The Geographical Journal, 4, Vol. 23, pp. 421-437.
42. Staff Research Report (2017). China-Russia Military-to-Military Relations: Moving Toward a Higher Level of Cooperation. U.S.-China Economic and Se-curity Review Commission.
43. Allen & Overy (2015). Generation ¥. RMB: the new global currency. An Economist Intelligence Unit report.
44. Long, K. (2015). Banking industry news & analysis of international finance. Euro-money magazine. Retrieved from: http://www.euromoney.com/Article/3446564/RMB-usage-hampered-by-expertise-liquidity-deficit.html [Accessed 21 Oct. 2017].
45. IMF (2016). IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts. Re-trieved from: https://www.imf.org/en/News/ Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi [Accessed 21 Oct. 2017].
46. PWC (2017). The long view: how will the global economic order change by 2050? World in 2050 – Summary report. www.pwc.com.
47. National Intelligence Council (2012). Global Trends 2030: Alternative Worlds. NIC, USA.
48. Tavlas, G. (1998). The International Use of Currencies: The U.S. Dollar and the Euro. Finance and Development, 35 (2), pр. 46-49.
49. The Economist (2015). The Great Fall of China. Retrieved from: http://www.economist.com/news/leaders/21662544-fear-about-chinas-economy-can-be-overdone-investors-are-right-be-nervous-great-fall [Accessed 21 Oct. 2017].
50. IMF (2017). World Economic Outlook, October 2017: Seeking Sustainab-le Growth: Short-Term Recovery, Long-Term Challenges. Retrieved from: http://www.imf.org/en/Publications/WEO/Issues/2017/09/19/world-economic-outlook-october-2017 [Accessed 21 Oct. 2017].
Academician of the NAS of Ukraine
Institute of the Economy of Industry of the NAS of Ukraine
03680, Ukraine, Kyiv, Gelabov Str., 2
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it ;
Nataliia M. Shelud`ko,
Doctor of Economics, professor
State Institution «Institute for Economics and Forecasting, NAS of Ukraine»
01011, Ukraine, Кyiv, Panasa Myrnoho Str., 26
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
World monetary centres at the stage of global financial instability: risks, challenges and perspectives
Section: Macroeconomic and regional problems of industrial development
Ekon. promisl. 2017, 80(4): 75-96
Language: English
Abstract | Full text (PDF)
DOI:
Abstract: The paper analyzes origins, challenges and risks, associated with global financial transformations and the aggravation of the national currencies competition, in order to improve the understanding of the changes, taking place in this sphere, and to determine prospects for the development of the world financial system. It is substantiated that, taking into account the actions of global fundamental factors (populational, civilizational, technological, allocative and financial) in the long term, the financial situation on the planet will remain unstable. Based on the application of the developed concept of the economic and monetary poten¬tial, it is grounded that in the medium term the world is likely to be generally divided into (if you ignore the British pound and the Japanese yen) the unstable predominant areas of US dollar (relatively stable), euro (decreasing), and RMB (increasing). The Russian ruble will remain on the world periphery and the potential growth of its influence will only be of a regional character. In general, the world will move to a multipolar financial architecture, the formation of which is connected with the "warming up" of new hotbeds of financial strains. Nevertheless, the US dollar will still remain the world’s leading currency for a long time (at least until the 2030s), due to the high political, military and economic influence of the USA, the relatively balanced monetary flows sources, the orientation of the economy on the large internal market, rather than on volatile external markets, as well as taking into account the "path dependence", in this case – the benefits of using the US dollar from the minimizing transaction costs standpoint. The paper also substantiates, that in the medium-term agenda, despite the fact that the leading central banks managed to pacify the global crisis of 2007-2008, to improve the prospects for the developed economies and to begin the processes of normalizing the monetary policy, there remain the following questions of: distorted financial asset values and high risks in the non-financial sector, which is being restructured on cyber-physical technologies; persistently low interest rates in many developed countries; overheated credit and securities markets; high levels of global and national debts; targeted use of national currencies in order to achieve unilateral trading advantages, new challenges, related to the restructuring of the financial intermediation sector under the influence of fintech, etc. This is exactly the modern "financial normality", under which turbulent processes of shaping the new political and economic structure of the world will take place in the forthcoming years.
Keywords: global financial instability; monetary policy; currencies struggle; new "financial normality".
JEL code: Е52, E58.
Keywords: global financial instability; monetary policy; currencies struggle; new "financial normality".
JEL code: Е52, E58.
References
1. IMF (2016, September 26). Global Financial Stability Report: Executive Sum-mary. International Monetary Fund. [In Russian].
2. Jones, С. (2017) Trump’s top trade adviser accuses Germany of currency ex-ploitation. Financial Times. Retrieved from https://www.ft.com/content/57f104d2-e742-11e6-893c-082c54a7f539 [Accessed 21 Oct. 2017].
3. Dobbs, R., Lund, S., Woetzel, J. & Mutafchieva, M. (2015). Debt and (not much) deleveraging. Report McKinsey Global Institute. Retrieved from http://www.mckinsey.com/global-themes/ employment-and-growth/debt-and-not-much-deleveraging [Accessed 21 Oct. 2017].
4. UNDP (2014). Human Develop-ment Report 2014. Sustaining Human Pro-gress: Reducing Vulnerabilities and Building Resilience. New York: United Nations Development Programme.
5. Huntington, S. (2003). The Clash of Civilization / Transl. from English. T. Velimeeva, Yu. Novikova. M: LLC "Publishing house AST" [In Russian].
6. Schwab, К. (2015, December 12). The Fourth Industrial Revolution. What It Means and How to Respond. Foreign Affairs.
7. World Bank (2013). Capital for the Future: Saving and Investment in an Inter-dependent World. Global Development Ho-rizons. Washington, DC: World Bank.
8. Rogoff, K. (2009). The "New Normal" for Growth. Project Syndicate. Retrieved from: https://www.project-syndi cate.org/commentary/the--new-normal--for-growth [Accessed 21 Oct. 2017].
9. Stiglitz, J. (2016). China’s Bumpy New Normal. Project Syndicate. Retrieved from https://www.project-syndicate.org/ commentary/china-economic-policy-debate-by-joseph-e--stiglitz-2016-01 [Accessed 21 Oct. 2017].
10. Vedder, R. (2009). The Evolution of the global financial system. eJournal USA, 5, Vol. 14, pp. 27-30. [In Russian].
11. The World Bank in the Russian Federation (2014). Russia Economic Report 32: Policy Uncertainty Clouds Medium-Term Prospects. The World Bank. Poverty Reduction and Economic Management Dept, Europe and Central Asia, 32. [In Russian].
12. Globalfirepower.com. 2017 Military Strength Ranking. www.globalfirepower.com. (2017). Retrieved from: https://www.global-firepower.com/countries-listing.asp [Acces¬sed 21 Oct. 2017].
13. The Biharprabha News. BRICS Development bank top on Agenda of 6th BRICS Summit (2015). Retrieved from: http://news.biharprabha.com/2014/07/brics-development-bank-top-on-agenda-of-6th-brics-summit/ [Accessed 21 Oct. 2017].
14. Interfax. Gazprom signed a 30-year gas supply contract to China. Interfax.ru (2014). Retrieved from: http://www.interfax.ru/business/377240 [Accessed 21 Oct. 2017].
15. Schoen, D., & Kaylan, M. (2014). Russia-China Axis: The New Cold War and America’s Crisis of Leadership. New York, London: Encounter Books.
16. TASS (2017). Xi Jinping: on the prospects of Chinese-Russian relations we are full of optimism. TASS. Russian infor-mation Agency. Retrieved from: http://tass.ru/opinions/interviews/4379492 [Accessed 21 Oct. 2017]. [In Russian].
17. Buchanan, Р. (2015). Imperial Overstretch. Creators. Retrieved from: http://www.creators.com/opinion/pat-bucha-nan/imperial-overstretch-.html [Accessed 21 Oct. 2017].
18. Subacchi, P. (2015). American Leadership in a Multipolar World. Project Syndicate. Retrieved from: http://www.project-syndicate.org/commentary/ china-united-states-global-governance-by-paola-subacchi-2015-04/russian [Accessed 21 Oct. 2017].
19. Hoffman, K. (2015) Precious Metals Mining: Pros and Cons of the Gold Standard. Bloomberg Professional Services. Retrieved from: http://www.bloomberg. com/professional/blog/precious-metals-mining-pros-and-cons-of-the-gold-standard/ [Acces-sed 21 Oct. 2017].
20. Stiglitz, J.E. (2015). Asia’s Multi-lateralism. Project Syndicate. Retrieved from: http://www.project-syndicate.org/ print/china-aiib-us-opposition-by-joseph-e--stiglitz-2015-04/ [Accessed 21 Oct. 2017].
21. Hummel, J. (2011). Ben Bernanke versus Milton Friedman. The Federal Re-serve’s Emergence as the U.S. Economy’s Central Planner. The Independent Review, 15 (4). pp. 485-518.
22. Executive Office of the President, Council of Economic Advisors (2016). Eco-nomic Report of the President Transmitted to the Congress February 2016. Together with the Annual Report of the Council of Economic Advisers.
23. Perez, C. (2011). Technological Revolutions and Financial Capital: The Dy-namics of Bubbles and Golden Ages / Transl. from English. F.V. Maevsky. Moskow: Publishing house "Delo" ANH. [In Russian].
24. The Economist (2015). Watch out. It is only a matter of time before the next recession strikes. The rich world is not ready. Retrieved from: http://www.economist. com/news/leaders/21654053-it-only-matter-time-next-recession-strikes-rich-world-not-ready-watch?fsrc=nlw [Accessed 21 Oct. 2017].
25. Rickards, J. (2011) Currency wars: the making of the next global crisis. London: Penguin Books Ltd.
26. Duhigg, C., & Bradsher, K. (2012). How the U.S. Lost Out on iPhone Work. Ny-times.com. Retrieved from: http://www.nytimes.com/2012/01/22/business/apple-america-and-a-squeezed-middle-class.html?_r=1&hp=&pagewanted=all [Accessed 21 Oct/ 2017].
27. Gates, B. (2015). Have You Hugged a Concrete Pillar Today? Gatesnotes.com. Retrieved from: http://www.gatesno tes.com/Books/Making-the-Modern-World [Accessed 21 Oct. 2017].
28. Wildau, G. (2015). China’s ‘mi-grant miracle’ nears an end as cheap labour dwindles. Financial Times. Retrieved from: http://www.ft.com/intl/cms/s/0/211df974-ee47-11e4-98f9-00144feab7de.html#axzz3 bXyj53yA [Accessed 21 Oct. 2017].
29. Cbr.ru. (2017). Structure of inter-national reserves of individual countries. The Bank of Russia. Retrieved from: http://www.cbr.ru/statistics/print.aspx?file=credit_statistics/res_str.htm [Accessed 21 Oct. 2017].
30. Manukov, S. (2015). The Chinese bought on the sly half the world. Expert.ru. Retrieved from: http://expert.ru/2015/05/ 25/planeta-v-kogtyah-kitajskogo-drakona/ [Accessed 21 Oct. 2017]. [In Russian].
31. Morrison, W., & Labonte, M. (2013). China’s Holdings of U.S. Securities: Implications for the U.S. Economy. Con-gressional Research Service, CRS Report RL34314.
32. Rossi, L. (2015). China is export-ing deflation around the world, says M&G's Riddell. Citywire Global. Retrieved from: http://citywireglobal.com/news/china-is-exporting-deflation-around-the-world-says-mandgs-riddell/a812047 [Accessed 21 Oct. 2017].
33. Street, C. (2015). China is Ex-porting Deflation to Europe. Breitbart. Retrieved from: http://www.breitbart.com/ national-security/2015/01/11/china-is-exporting-deflation-to-europe/ [Accessed 21 Oct. 2017].
34. Noble, J., & Wildau, G. (2015). China: Fear of a deflationary spiral. FT.com. Retrieved from: http://www.ft.com/ intl/cms/s/0/7a0e882e-700b-11e4-bc6a-00144feabdc0.html#axzz3e5b76PPA [Ac-cessed 21 Oct. 2017].
35. Royal Society Science Policy Centre (2011). Knowledge, Networks and Nations: Global scientific collaboration in the 21st century. RS Policy document 03/11.
36. Cao, C., Li, N., Li, X., & Li, L. (2013). Science and Government. Reforming China's S&T system. Science, 3. pp. 460-462 [In Russian].
37. Buchanan, P. (2003). The Death of the West / Transl. from English. A. Bashkirov. M.: ACT [In Russian].
38. Executive Office of the President, Council of Economic Advisors (2015). Eco-nomic Report of the President Transmitted to the Congress February 2015. Together with the Annual Report of the Council of Economic Advisers.
39. Edition.cnn.com (2008). Minorities expected to be majority in 2050. CNN.com. Retrieved from: http://edition. cnn.com/2008/US/08/13/census.minorities/ [Accessed 21 Oct. 2017].
40. Yuhas, A. (2015). Muslim popula-tion in Europe to reach 10% by 2050, new forecast shows. The Guardian. Retrieved from: http://www.theguardian.com/world/ 2015/apr/02/muslim-population-growth-christians-religion-pew [Accessed 21 Oct. 2017].
41. Mackinder, H. (1904). The Geo-graphical Pivot of History. The Geographical Journal, 4, Vol. 23, pp. 421-437.
42. Staff Research Report (2017). China-Russia Military-to-Military Relations: Moving Toward a Higher Level of Cooperation. U.S.-China Economic and Se-curity Review Commission.
43. Allen & Overy (2015). Generation ¥. RMB: the new global currency. An Economist Intelligence Unit report.
44. Long, K. (2015). Banking industry news & analysis of international finance. Euro-money magazine. Retrieved from: http://www.euromoney.com/Article/3446564/RMB-usage-hampered-by-expertise-liquidity-deficit.html [Accessed 21 Oct. 2017].
45. IMF (2016). IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts. Re-trieved from: https://www.imf.org/en/News/ Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi [Accessed 21 Oct. 2017].
46. PWC (2017). The long view: how will the global economic order change by 2050? World in 2050 – Summary report. www.pwc.com.
47. National Intelligence Council (2012). Global Trends 2030: Alternative Worlds. NIC, USA.
48. Tavlas, G. (1998). The International Use of Currencies: The U.S. Dollar and the Euro. Finance and Development, 35 (2), pр. 46-49.
49. The Economist (2015). The Great Fall of China. Retrieved from: http://www.economist.com/news/leaders/21662544-fear-about-chinas-economy-can-be-overdone-investors-are-right-be-nervous-great-fall [Accessed 21 Oct. 2017].
50. IMF (2017). World Economic Outlook, October 2017: Seeking Sustainab-le Growth: Short-Term Recovery, Long-Term Challenges. Retrieved from: http://www.imf.org/en/Publications/WEO/Issues/2017/09/19/world-economic-outlook-october-2017 [Accessed 21 Oct. 2017].
