1945

Development policy and international economic cooperation

The world economy grew by just over 3 per cent in 1997 for the second consecutive year and a further year of 3 per cent growth was forecast for 1998. Despite favourable economic growth, there were a number of negative developments. Following financial crises in several developing Asian economies, the international community had to mobilize more than $100 billion in less than six months for financial rescue packages, and many countries saw their exchange rates challenged by market forces. Another major concern was Japan’s difficulty in overcoming its own financialsector problems and launching a sustained economic expansion. Unemployment, particularly in much of Western Europe, was also a salient issue.

Related Subject(s): United Nations
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