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Miércoles, 8 junio 2011

EAGLEs Quarterly Report 2Q 2011

During 2011 Q1 most of the EAGLEs kept moderating their growth pace. Higher oil prices and global uncertainty have not impacted economic activity so far, except in Egypt. Although fundamentals remain strong, households’ consumption expenditure is expanding at mild rates while industrial production growth is slowing down. Slower economic expansion is helping to correct external imbalances in the EAGLEs. Most countries keep a surplus trade balance fostered by higher terms of trade or the external demand. Special attention should be focused in Turkey where the deficit keeps widening at a very large level as a consequence of very dynamic domestic demand. In spite of economic moderation inflationary pressures persists coming from high commodity prices and, in some cases, a dynamic domestic demand. Although most Central Banks have continued increasing their policy rates, combined with higher reserve requirements, their reaction can be considered moderated given the existence of appreciation pressures. Curbing lending growth has become an intermediate step to cool down domestic demand.

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