International economic developments

At the end of 1987 and during the first few months of 1988 there was a pervasive atmosphere of pessimism about the outlook for the world economy in 1988 and beyond. The dominant cause was the profound upset of world financial markets in October 1987. Many analysts at the time saw in that event danger of a deep recession in the world economy. As the year unfolded, however, the doubts and uncertainties engendered by the financial crisis tended to disappear. The turnaround was mainly due to the improved performance of the industrialized countries that produce the largest part of world output, which recorded a fast pace of expansion from the fourth quarter of 1987 through 1988. The latest reports indeed suggested that world economic growth towards the end of 1988 was running in excess of 4 per cent and for the year as a whole was the highest since 1984.

Related Subject(s): Economic and Social Development
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