The paper "Economic Situation of International Monetary Fund " is an outstanding example of a micro and macroeconomic assignment. The organisation that I have chosen is the International Monetary Fund (IMF). The IMF is a global organisation that is working to foster international monetary cooperation, facilitate global trade, secure financial stability, promote high employment and sustainable economic growth and reduce poverty among its member states. Through member states funds, other activities of the IMF include activities such as statistical analysis and keeping, demand for self-correcting policies and surveillance of its member-states economies.
The IMF has been found to improve the economies of its member states. The mission statement for IMF is stated in its Articles of Agreement: that to promote global economic cooperation, employment, international trade, and exchange-rate stability, including by making resources available to member states to meet their balance of payments needs. Role of an economist An economist uses his or her analytical skills and techniques in solving issues affecting the organisation. The role of an economist can be summarised as follows: 1) consistently examine the probabilities of transforming an ever-changing economic environment into profitable business avenues; 2) an economist assists business planning process of an organization; 3) he carries cost-benefit analysis; 3) he makes an economic analysis of the organisation in competition; 4) he involves advance management on public relations, trade and foreign exchange.
He guides the organisation on its likely impact of changes in fiscal policy and monetary policy on the organisation’ s functioning. 5) he conducts detailed research on the industrial market; 6) he create as well as use various econometric modelling tools to develop forecasts; 7) devise procedures and methods for obtaining data; 9) understand and interpret data; 10) evaluate past and present economic trends and issues. c.
Question The question that I asked the economist is that why did the economist deliver forecasts conditional on a 2007-2009 crisis occurring? The reason for asking this question is that like everyone else, I am wondering how the global leading economists could miss the financial crisis and its impact on the global economy.
Abel, Andrew B and Bernanke, Ben S. (2005). Macroeconomics (5th ed.). Pearson Addison
Bill E. (2009). How and why the global economic crisis happened. Billemmott. Retrieved from
Buttonwood. (May 1st, 2015). what’s wrong with finance. The economist. Retrieved from
Gordon, R. J. (2009). Productivity, Growth, Inflation and Unemployment, Cambridge
University Press, 2004
McBride, B. (2010). "Real GDP Growth and the Unemployment Rate." Calculated Risk. 11 Oct.
2010. Web. 05 Dec. 2010.