Trade and Development Report 1989

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Global output and trade expanded very rapidly last year and are continuing to grow, though at a somewhat reduced pace. The international economy is apparently in good health. However, this appearance is misleading. The growth impulses that are present are quite fragile, and will need to be actively protected.



Overview: Experience of eight least developed countries

This overview is based on the experiences of eight least developed countries178 with adjustment over the past decade. Of the eight LDCs for which detailed assessments are made, only one (Botswana) adjusted its economy without recourse to the IMF and structural (or sectoral) adjustment programmes with the World Bank and was able to maintain its economic and social progress, helped by the recovery of the diamond market after the early 1980s. Some initiated an adjustment process (e.g. United Republic of Tanzania) of their own design and later adopted I MF/World Bank programmes. In other countries, their first stabilization programmes did not succeed (in Bangladesh's case, an Extended Fund Facility was withdrawn by IMF in 1983) and they had to restart the process. The adoption of stabilization and adjustment programmes (either structural or sectoral) with the Fund and the Bank during the 1980s reflects the now predominant pattern among adjusting LDCs.


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