Global Economic Prospects and the Developing Countries
World Bank Publications, 1994 - 93 pages
This year's report derives its main theme from a fundamental change that is taking place in the world economy today - globalization. This change is being driven both by widespread adoption of market liberalization policies and by technological change that is fast eroding physical barriers to international transactions. The report also reviews the prospects for developing countries in the context of their increasing integration into world markets for goods, services, and capital, highlighting the new opportunities and challenges that arise from closer international economic integration. The process of integration also brings frictions, the report notes, which requires closer monitoring and quicker policy responses at the country, regional, and global levels.
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adjustment adjustment costs affiliates Africa Asia associated average Bangladesh benefits Brazil capital Central China competition continued contributed costs debt decade deficits demand developing countries direct domestic Economic effects efficiency employment enterprises environment estimates Europe evidence example expected exports factor figure firms fiscal flows foreign gains global global production growth higher important improvements income increase India industrial countries integration interest International investment Japan labor labor market Latin America less lower macroeconomic manufacturing markets measures ment Mexico Middle East multinational North Africa Note OECD output percent percentage points political production projections rates ratio recent reduce region relative remain Report Republic Research result rise sector share significant social Source South Table tariffs tion trade liberalization trade reform transition transport United wages Washington workers World Bank