The story of recent economic developments in the ESCAP region is one of resurgence of economic growth in an environment of substantially improved macroeconomic stability. Several factors contributed to stable consumer prices. Exchange rates appreciated considerably in the countries hit by the crisis by the early part of 1999 and then stabilized. Domestic supply conditions improved as a result of falling interest rates, the easing of the credit crunch and rising imports. In several countries, better weather conditions led to higher agricultural output. Private consumption demand tended to remain muted, and particularly so in the countries which had fallen victim to the 1997 crisis.

Related Subject(s): Economic and Social Development
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