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Trade and Development Report 1993

image of Trade and Development Report 1993

The focus of the report is the functioning and interaction of all the different constituent parts of the world economy and of related dimensions of national and international policy. Special attention is given to issues of concern to developing countries. The coverage includes the movements of macroeconomic aggregates in developed and developing countries and in the economies of transition, international trade and trade policies and financial and commodity markets.

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The world economy: Performance and prospects

The world economy has continued to perform poorly. Once again, the outcome for the past year was worse than foreseen. After negligible growth in 1991, there was only a modest recovery of world output in 1992, and growth in that year was well below the average since the 1980-1982 recession. Unlike the previous year, there were signs of a turnaround in some of the transition economies, and in developing countries as a whole growth continued to be high. By contrast, the expectation of a broadly based recovery among developed market economies failed to materialize. Indeed, the economic malaise of these countries has persisted and become even more pervasive. Currently, there is widespread concern about trends in global economic activity. As a consequence, short-term forecasts carry a serious risk of being overoptimistic.

English

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