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World Economic and Social Survey 1997

Trends and Policies in the World Economy

image of World Economic and Social Survey 1997

Authoritative and reliable, the Survey is a detailed assessment of the state of the world’s economic and social situation. Its forecasts for the upcoming year and lucid description of national and international economic policies, emerging issues and trends make it ideal for those engaged in international trade. As a special focus in this year’s edition, the Survey addresses four long-term issues of importance to the international community: the economics of the resurgent global tuberculosis crisis, how the international arms trade has changed since the end of the Cold War, recent trends in international travel as a dimension of world economic integration and prospects for global emissions of CO2 under different outlooks for policy and technical change.

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International travel: A vital dimension of global integration

A prominent theme in writings about international economic relations over the past. decade has been the increased integration of the world economy. Some analysts have highlighted the closer linking of the world’s financial markets, the trillion-dollar-a-day foreign exchange market and the greater ability of some “emerging market” economies to tap the vast pool of foreign financing. Others have focused on the greater role that traded goods and services play in economies as barriers to trade fall and as transnational corporations diversify their production locations and markets. The present chapter outlines developments in another sector of international trade, namely international travel. It is a sector that has grown rapidly, pushed by rising discretionary incomes, falling real costs and more rapid communication and transportation, and one that is of considerable economic importance to some countries.

English

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