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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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Growth and adjustment in small and medium-sized developing countries during the 1980s

The average rate of growth of the developing economies declined sharply during the 1980s. During the 1970s, the combined gross domestic product of these economies had been growing at an annual rate of 5.5 per cent; but it grew at only 1.7 per cent during the period 1981-1987. Per capita gross domestic product increased at about 3.2 per cent during the 1970s; in the latter period it actually declined.

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