International economic outlook: rising inflation and widening of the global slowdown

Article Abstract:

Gradual weakening of the world economy continues as total output growth declined by 2.5% in 1998. The decline, which started with the Asian crisis in 1997, is highly evident among the developing countries which, as a group, experienced a 3.3% decline in output growth in 1998. Growth in world trade volume also declined dramatically from 9.9% in 1997 to 3.3% in 1998. Meanwhile, inflation rates in the industrialized are expected to accelerate gradually because of the global economic slowdown.

Balance of Payments, Prices, Gross Domestic Product, Economic indicators

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International economic outlook

Article Abstract:

Worldwide economic growth is projected to be modest in 1997 and to slow further in 1998. In the industrial nations, total output growth is expected to fall from 1996's 2.1% to 1.8% in 1997 and 1.5% in 1998. In the developing nations, growth is expected to moderate from 1996's 6.1% to 5.5% in 1997 and 5% in 1998. The transition economies of Eastern Europe and the former Soviet Union are beginning to experience economic growth.

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The world economy

Article Abstract:

Economic growth in the developed countries is expected to be uneven because the three largest industrialized countries are in different phases of the business cycle. While the US has started to recover in the second half of 1992, Japan is still at the trough of the business cycle. For Germany, the bottom of the business cycle is yet to be reached, possibly around the summer of 1993.

Japan, Germany, Forecasts and trends, United States economic conditions

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