World economic developments and prospects

The world economy has been on a recessionary course since 1990.The onset of the recession in industrialized countries coincided with rapid output decline in the eastern European and the new national economies which emerged out of the former Soviet republics as they were transforming from centrally planned to market-based economies involving changes and difficult adjustments in economic, social and political organizations and institutions as well as policies. Growth performance of the developing economies, other than those of the Asian and Pacific region, also remained weak, although some of them were slowly coming out of the debt, stagnation or decline of the 1980s through vigorous adjustment efforts. Thus the Latin American and Caribbean region improved its average growth in 1991-1992, but the African countries slipped back from a somewhat better performance in 1989-1990.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities