1945

Development policy and international economic cooperation

During 1998, the East Asian financial crisis, recession in Japan and the Russian crisis—along with contagion through the world financial markets—combined to halve the rate of growth of the world economy and to raise concern about global recession. The number of countries that saw an increase in output per capita in 1998 was 23 fewer than in the previous year. However, the world economic situation was not uniformly bleak. Output per capita was on the rise in more than 100 countries in 1998, with economic growth relatively strong in North America, much of Europe, including some transition economies, China and India.

Related Subject(s): United Nations
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