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World Economic and Social Survey 1999

Trends and Policies in the World Economy

image of World Economic and Social Survey 1999

Part one. State of the World Economy: provides a chronicle of how large parts of the world economy were sent reeling in the past two years by the fragility of financial systems and their international connectedness. On the whole, the world economy seems to have hit bottom and most of the affected countries are moving towards recovery. Part two. Financial Development in the Globalizing World: serves as a contribution to the international discussion on “financing for development”. It seeks to give a perspective on the major changes that have been taking place in recent decades in the banking and financial systems of developed, developing and transition economies.

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Foreword

Many parts of the world economy were sent reeling in the past two years by the fragility of financial systems and their international connectedness. On the whole, we seem to have hit bottom and most of the affected countries are moving towards recovery. Yet we see none of the buoyancy in international trade and finance on the horizon that earlier in this decade held out such promise to economies that had successfully positioned themselves to take advantage of it. We are impatient for more rapid economic growth in the developing world, particularly in Africa and especially in the least developed countries. As we review the progress being achieved towards our goals in the social, environmental and development fields, we have to have very mixed emotions. We thought we would be much further along than we are. A more dynamic world economy is one factor that could help, but we frankly do not foresee it in the short run. This is the outlook in part one of World Economic and Social Survey, 1999.

English

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