What is the role of the IMF and the World Bank?
The World Bank Group works with developing countries to reduce poverty and increase shared prosperity, while the International Monetary Fund serves to stabilize the international monetary system and acts as a monitor of the world’s currencies.
What is the impact of the World Bank?
Increased trade integration has helped to drive economic growth in developing economies in recent decades, lifting millions out of poverty. The World Bank works with governments to design and implement policies to maximize trade competitiveness in both goods and services.
What are the role and functions of the IMF?
The International Monetary Fund aims to reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development.
What are the pros and cons of regional economic integration?
Studies indicate that regional economic integration significantly contributes to the relatively high growth rates in the less-developed countries….The cons involved in creating regional agreements include the following:
- Trade diversion.
- Employment shifts and reductions.
- Loss of national sovereignty.
What are the six stages of economic integration?
Economic Integration Explained Specialists in this area define seven stages of economic integration: a preferential trading area, a free trade area, a customs union, a common market, an economic union, an economic and monetary union, and complete economic integration.
What is the largest example of economic integration?
The most prevalent example of an economic integration emerging as part of an effort to ensure peace and security is the European Union (EU).
What are the different stages of economic integration?
Within economics, there are seven stages that lead to complete economic integration:
- Preferential Trading Area.
- Free Trade Area.
- Customs Union.
- Common Market.
- Economic Union.
- Economic and Monetary Union.
- Economic Integration.