Overview

Events of the last twelve months have demonstrated yet again the strengths and weaknesses of the globalization process, and have also confirmed the need for effective governance and management of the world economy. During 1997 world output expanded at an annual rate of 3.2 per cent, improving on the 3.0 per cent growth in 1996. Rapid growth in trade was shared by all the regions of the world, recording an impressive 9.5 per cent increase in 1997. Trade in manufactured goods increased as a share of global goods trade to around 75 per cent. 1997 was also the year when the Asian financial crisis pushed the East Asian miracle economies into recession, with large falls in real output being recorded for the first time in recent decades. It was also the year when the adverse effects of El Niño were felt in many of the world’s least developed countries, a vivid reminder of their continuing vulnerability to the vagaries of the weather and unpredictable natural disasters.

Sustainable Development Goals:

Affordable and Clean Energy

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions