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World Economic Survey 1992

Current Trends and Policies in the World Economy

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The year 1991 witnessed events of historic importance for the world economy. World output declined for the first time since the World War. Dramatic political events brought about the dissolution of the Soviet Union and catapulted the economies of the successor republics into transition to the market system. The Persian Gulf war left deep marks on a number of economies. Many countries continued to stagnate. The World Economic Survey 1992, examines these and related developments and major issues in the world economy.

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Saving investment and the international transfer of resources

To JUDGE by commentary in the world press and in some international forums, there is widespread concern that the total level of saving in the world will not be large enough to meet global investment needs over the 1990s. Investment plans would have to be cut back to fit the savings being generatedbynational and international economic processes, and a slow rate of world economic growth would result. Concern is also expressed that the global allocation ofworld saving as it was inmuch ofthe 1980s will persist in the 1990s, with higher income areas continuing to receive a net inflow offoreign saving from lower income areas.

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