{"id":122438,"date":"2024-01-23T07:52:02","date_gmt":"2024-01-23T06:52:02","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/122438\/"},"modified":"2024-11-07T05:16:55","modified_gmt":"2024-11-07T04:16:55","slug":"debt-accumulation-and-deleveraging-shaping-the-global-business-outlook-medium-term-projection-for-the-world-economy-until-2019","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/","title":{"rendered":"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-122438","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The marked decline of oil prices gives some impetus to business activity in the euro area. However, medium-term prospects are dominated by lack of aggregate demand and very low inflation; moreover, the lacking possibility of currency de- or re-valuation, notably the under-valuation for Germany, is weighing on the growth outlook. Prospects for the USA are markedly more favourable since excess private debt was reduced rapidly via bankruptcies and by accepting generous government deficits after the financial market crisis. In China, both prosperity and indebtedness are rising quickly. In Japan, the investment-inhibiting unwinding of corporate debt will wear off in the years to come. Another financial market crisis is looming in Russia, despite the country's moderate degree of foreign indebtedness.","onlinedate":"2015-04-27 12:00:00","lang":"English","publication_series":"","publication_date":"20150401","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Medium-term Forecast\",\"World economy\"]","jelcodes":"[]","related_publications":"[]","pdf":358282,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"20","monthly_report_pages":"80-91","monthly_report_pages_sort":"80","issue":"7","journal":"WIFO Bulletin","publisher":"","invisible":false,"external":false,"embargo_date":"2015-04-27 12:00:00","types":[50590],"research_groups":[3500],"collaboration":"","persons":[3865],"persons_data":"[{\"personId\":3865,\"personName\":\"Stefan Schiman\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Schiman, S.<\\\/span> (2015). <span>Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019<\\\/span>. <span><em>WIFO Bulletin<\\\/em><\\\/span>, <em>20<\\\/em>(7), 80-91. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/57937\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/57937<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Schiman S<\\\/span>. <span class=\\\"title\\\"><span>Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019<\\\/span><\\\/span>. <span>WIFO Bulletin<\\\/span>. 2015 Apr;20(7):80-91.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{0d52fd75ea5c482eb6a0ef1fde14c57c,<\\\/div><div>  title    = \\\"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019\\\",<\\\/div><div>  abstract = \\\"The marked decline of oil prices gives some impetus to business activity in the euro area. However, medium-term prospects are dominated by lack of aggregate demand and very low inflation; moreover, the lacking possibility of currency de- or re-valuation, notably the under-valuation for Germany, is weighing on the growth outlook. Prospects for the USA are markedly more favourable since excess private debt was reduced rapidly via bankruptcies and by accepting generous government deficits after the financial market crisis. In China, both prosperity and indebtedness are rising quickly. In Japan, the investment-inhibiting unwinding of corporate debt will wear off in the years to come. Another financial market crisis is looming in Russia, despite the country's moderate degree of foreign indebtedness.\\\",<\\\/div><div>  keywords = \\\"Medium-term Forecast, World economy, Medium-term Forecast, World economy\\\",<\\\/div><div>  author   = \\\"Stefan Schiman\\\",<\\\/div><div>  note     = \\\"Medium-term Forecast: World Economy\\\",<\\\/div><div>  year     = \\\"2015\\\",<\\\/div><div>  month    = apr,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"20\\\",<\\\/div><div>  pages    = \\\"80--91\\\",<\\\/div><div>  journal  = \\\"WIFO Bulletin\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019<\\\/p><p>AU  - Schiman, Stefan<\\\/p><p>N1  - Medium-term Forecast: World Economy<\\\/p><p>PY  - 2015\\\/4<\\\/p><p>Y1  - 2015\\\/4<\\\/p><p>N2  - The marked decline of oil prices gives some impetus to business activity in the euro area. However, medium-term prospects are dominated by lack of aggregate demand and very low inflation; moreover, the lacking possibility of currency de- or re-valuation, notably the under-valuation for Germany, is weighing on the growth outlook. Prospects for the USA are markedly more favourable since excess private debt was reduced rapidly via bankruptcies and by accepting generous government deficits after the financial market crisis. In China, both prosperity and indebtedness are rising quickly. In Japan, the investment-inhibiting unwinding of corporate debt will wear off in the years to come. Another financial market crisis is looming in Russia, despite the country's moderate degree of foreign indebtedness.<\\\/p><p>AB  - The marked decline of oil prices gives some impetus to business activity in the euro area. However, medium-term prospects are dominated by lack of aggregate demand and very low inflation; moreover, the lacking possibility of currency de- or re-valuation, notably the under-valuation for Germany, is weighing on the growth outlook. Prospects for the USA are markedly more favourable since excess private debt was reduced rapidly via bankruptcies and by accepting generous government deficits after the financial market crisis. In China, both prosperity and indebtedness are rising quickly. In Japan, the investment-inhibiting unwinding of corporate debt will wear off in the years to come. Another financial market crisis is looming in Russia, despite the country's moderate degree of foreign indebtedness.<\\\/p><p>KW  - Medium-term Forecast<\\\/p><p>KW  - World economy<\\\/p><p>KW  - Medium-term Forecast<\\\/p><p>KW  - World economy<\\\/p><p>M3  - WIFO series<\\\/p><p>VL  - 20<\\\/p><p>SP  - 80<\\\/p><p>EP  - 91<\\\/p><p>JO  - WIFO Bulletin<\\\/p><p>JF  - WIFO Bulletin<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019 - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T04:16:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/122438\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/122438\\\/\",\"name\":\"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019 - WIFO\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\"},\"datePublished\":\"2024-01-23T06:52:02+00:00\",\"dateModified\":\"2024-11-07T04:16:55+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/122438\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/122438\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/122438\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/WIFOat\\\/\",\"https:\\\/\\\/x.com\\\/WIFOat\",\"https:\\\/\\\/linkedin.com\\\/company\\\/wifoat\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/mission-und-strategie\\\/\",\"ownershipFundingInfo\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/organisation\\\/\",\"actionableFeedbackPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/aktuelles\\\/presse\\\/\",\"correctionsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/kontakt\\\/\",\"ethicsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/evidenzbasierung-transparenz-und-unabhaengigkeit\\\/\",\"diversityPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\",\"diversityStaffingReport\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019 - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/","og_locale":"en_US","og_type":"article","og_title":"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2024-11-07T04:16:55+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/","url":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/","name":"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019 - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2024-01-23T06:52:02+00:00","dateModified":"2024-11-07T04:16:55+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/122438\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/122438\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"Debt Accumulation and Deleveraging Shaping the Global Business Outlook. Medium-term Projection for the World Economy until 2019"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/122438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":1,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/122438\/revisions"}],"predecessor-version":[{"id":358269,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/122438\/revisions\/358269"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/3865"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/50590"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=122438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}