Overview

The economic recovery that began in 1993 after one of the deepest recessions in the postwar era continued throughout 1995. However, as foreseen in TDR 1995, the growth of world output for the year as a whole (2.4 per cent) was smaller than in the previous year (2.8 per cent). The recovery has been much weaker than after earlier recessions and output is below potential levels. Indeed, growth in both 1994 and 1995 disappointed the official expectations that the world economy was entering a new era of sustained market-driven growth in excess of 3 per cent which would allow unemployment in the North to be lowered and average per capita income in the South raised. Prospects for 1996 are for a continuation of this slower growth, with more rapid expansion in some regions and feeble growth in others.

Sustainable Development Goals:

Decent Work and Economic Growth

Partnerships for the Goals