World Bank's tale of woe for developing countries.(release of report entitled 'Global Economic Prospects and the Developing Countries 1998/99)

Banker, The, January, 1999

The World Bank has released the 'Global Economic Prospects and the Developing Countries 1998/99,' a report that predicts the continuing impact of global slowdown on per capital growth of developing countries. The global slump arises from the Japanese internal recession as well as other factors including the depreciation of the Russian ruble, a marked decline in import demand, declining commodity prices and general risk aversion in financial markets. The report expects 1998 and 1999 to be the most difficult for developing countries but predicts record growths from 2001 to 2007.

The short-term outlook for developing countries remains precarious and will pick up only if financial sectors are strengthened and policies to avoid a deeper global slump are implemented quickly....

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