Global Economic Prospects and the Developing Countries: 1998/99, Beyond Financial CrisisWorld Bank, 1999 - 215 pages This ninth annual edition analyzes short- and long-term future prospects for developing countries in the wake of the East Asia crisis; maps out policies to deal with crises once they erupt; and focuses on ways of preventing future crises on the scale of East Asia's recent experience.The recent crises have exacted an enormous social cost, placing a large burden on the poor and, in some countries, heightening social conflict. The social consequences are likely to be protracted. Social policy concerns must be an integral 'up front' part of the selection for overall policy responses to the economic crisis. While never a substitute for sound pro-growth macroeconomic policies, social safety nets can play an important part in mitigating the social effects of crises.According to this report, the lesson coming out of the East Asia crisis is for developing countries to benefit from globalization, and not to retreat from it, by strengthening their institutions and deepening their reforms. |
Contents
12a 12d World domestic demand and output growth 19902000 | 8 |
Industrial country growth | 13 |
World trade | 19 |
Copyright | |
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Argentina Asian crisis countries balance banking crises billion borrowing Brazil capital account Caribbean Chile consumption corporate costs coun credit crunch currency crises current account deficits decline demand developing countries domestic East Asia East Asian countries East Asian crisis effects emerging markets equity estimates Europe and Central exchange rate expected export external Figure financial crises financial markets financial sector financial system fiscal forecast foreign GDP growth Global Economic Prospects impact important income increase Indonesia industrial countries inflows institutions interest rates International Monetary Fund investment investors Japan Korea Latin America lending liberalization loans macroeconomic Malaysia ment Mexico Middle East moral hazard nomic percent of GDP Philippines portfolio poverty private capital flows ratio recession recovery reduce reforms region Republic risk slowdown Source South Asia stabilization Sub-Saharan Africa Table terms of trade Thailand tion U.S. dollars United volatility vulnerabilities Washington World Bank