1945

Overview

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Since 1999, many developing countries have registered strong improvements in their external balances, and their aggregate current account has swung into surplus. As a result, as a group they have become net exporters of capital to developed countries. Many of them, particularly a number of fast growing exporters of manufactures, owe this situation to their successful global integration and to a reorientation of their macroeconomic policies towards a greater focus on competitive exchange rates. In other countries, substantially increased earnings from primary commodity exports have also led to stronger current-account positions.

Related Subject(s): International Trade and Finance
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