World economic developments and prospects

A spate of rapid changes began to sweep the world economic and political scene as the relatively uneventful decade of the 1980s was coming to a close. Some of the events, which will have far-reaching implications not only for the present but for the future performance of the world economy, were still unfolding at the end of 1991. The Scaling down of the cold war atmosphere following the changes initiated in Eastern Europe in 1989 hold out prospects for the emergence of a peaceful world in which the urgent tasks of development could be addressed and a resulting “peace dividend” from a cut in military spending could be utilized to that end. The Persian Gulf war came as a rude shock to that expectation The damage resulting from the conflict was limited, nevertheless, the short-lived war had an adverse impact on the world economy which had yet to be overcome.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities