1887

World Economic Survey 1988

Current Trends and Policies in the World Economy

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The growth of gross world product in 1987 was slightly above 3 per cent. Short-term trends indicate that the world economy will continue to expand during the next two years, but at a lower rate. The period ahead will be one in which multilateral institutions and traditional economic relations will be pit on a major test.

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Economic reforms in the centrally planned economies and China

Since about the middle of the 1980s, virtually all centrally planned economies have announced their intention of changing economic policies, policy instruments and associated institutions. Some have already embarked on far-reaching modifications. Others are in the process not only of formulating the purposes to be served by changes as yet incompletely defined but of designing the broad steps of the transition phase leading to a modified economic environment. Finally, some countries have not yet committed themselves to broad-based transformations. But even in these countries such shifts are bound to take place in time, if only because the mechanisms for reaching and implementing economic decisions in partner countries are being modified. This is also likely to require adjustments in the mechanisms and policies of regional economic integration established for the Council for Mutual Economic Assistance (CMEA). Because of the importance of CMEA relations, changes in the framework of CMEA will have repercussions on all members.

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