economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during … the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates … price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries …

private sector credit -- Recent credit growth in light of past episodes -- Current credit levels: Warning signs? -- Conclusion … -- Annex SF1.1 Robustness exercises -- References -- Special Focus 2 Quantifying Uncertainties in Global Growth Forecasts … -- Selected risk indicators -- Risk indicators and global growth -- Balance of risks to global growth -- Conclusion -- Annex SF2 …