This Working Paper presents a medium-term macro-economic outlook for the major economic areas of the world. The outlook is produced using nime, the Belgian Federal Planning Bureau’s macro-econometric world model. The Working Paper also features an assessment of the effects of a permanent 25 percent increase in the price of oil, a description of the nime model, and an appendix outlining the major technical assumptions of the outlook.
The Belgian Federal Planning Bureau (fpb) has a long tradition of using macro-econometric models, to study both the Belgian economy and the international economic environment. Alongside the modtrim and hermes models, which are used regularly for detailed analyses and projections of the Belgian economy, the fpb also makes regular use of large-scale macro-econometric multi-country models such as nemesis and nime. These models have helped the fpb broaden its understanding of international economic developments, and to assess the risks pertaining to the underlying international economic environment in the fpb’s projections of the Belgian economy.