Output gaps in developing countries

摘要

The GDP of developing countries rose by an estimated 4.8%in 2013, almost 1% below potential gdp (the output consistent with fullemploymentand stable inflation). The difference between actual and potential growth, expressed as a percentage of potential GDP, is known as the output gap. Overall, it has narrowed and is only slightly negative, compared with the large positive output gaps of boom years before the great recession. The recent slowdown has eased excess demand pressures in some countries, notably Brazil.