1945

The World Economy in 1999

After two years of financial turbulence and a marked slowdown in global economic growth, the world economy is no longer weakening. Led by the easing of monetary policy in major developed economies since the autumn of 1998, economic prospects have improved and global financial markets have shown signs of stabilization. Most noticeably, financial contagion from the Brazilian currency crisis at the beginning of 1999 was contained and there has been some restoration of capital flows to a number of emerging markets. There has also been a rebound in the price of oil since early 1999. The international prices of other commodities, which experienced a sharp decline in 1997-1998 and were an economic setback to many developing countries, have also stabilized.

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