A number of assumptions have been adopted for the projections presented in the World Economic Outlook. It has been assumed that real effective exchange rates will remain constant at their average levels during July 30-August 27, 2009, except for the currencies participating" in the European exchange rate mechanism II (ERM II), which are assumed to remain constant in nominal terms relative to the euro; that established policies of national authorities will be maintained (for specific assumptions about fiscal and monetary policies for selected economies, see Box Al); that the average price of oil will be $61.53 a barrel in 2009 and S76.50 a barrel in 2010, and will remain unchanged in real terms over the medium term; that the six-month London interbank offered rate (LIBOR) on U.S. dollar deposits will average 1.2 percent in 2009 and 1.4 percent in 2010; that the three-month euro deposit rate will average 1.2 percent in 2009 and 1.6 percent in 2010; and that the six-month Japanese yen deposit rate will yield an average of 0.7 percent in 2009 and 0.0 percent in 2010.
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