Prospects for developing countries hit by crises.

Banker, The, May, 1999

The immediate future of developing countries does not look good with the economic crisis that afflicted Asia in 1997 being duplicated in Russia and Brazil. That is the conclusion reached by the World Bank's latest annual 'Global Development Finance' report. The report added that the economic problems encountered by developing countries are deeper and more prolonged than what was initially expected even if the possibility of a global economic recession has subsided. The World Bank also reduced its growth forecast for developing countries for 1999 by 1% to 1.5%, which is the lowest rate since 1982.

Prospects for developing countries have deteriorated further as the problems which started in Asia almost two years ago have been followed by Russia's crisis and then by the...

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