World Economic and Social Survey 2000

Trends and Policies in the World Economy

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Part one. State of the World Economy: chronicles a remarkable recovery in the world economy after the crisis years 1997-1999. Although the volume of international financial flows has not returned to its pre-crisis level, international financial markets are again displaying a sense of calm. International trade has also largely recovered from the setback it suffered following the financial crises. Part two. Escaping the Poverty Trap: identifies a number of critical steps for the poorer countries to break out of their “poverty trap” and find a path to sustained and sustainable development. The objective of part two is to identify some of the actions that countries can take to start a period of rapid and sustained growth that would allow living standards to increase appreciably over a relatively short period of time.



The current situation in the world’s economies

The global economy is emerging from the financial crisis that occurred in 1997-1998. The rate of growth of world output accelerated in 1999 and is expected to increase further in 2000 as countries strengthen their recoveries. In all country groupings—developed countries, developing countries and economies in transition—economic growth in 1999 was faster than in 1998. In several ways, 1999 was a year of surprises, most of them positive.


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