With surprising speed over the past 12 months, various crises have buffeted the global economy. Japan lapsed into recession. Russia ran into severe financial difficulties. Capital flows to emerging markets fell abruptly. Credit for development is shrinking amidst heightened risk aversion in global financial markets.
Powerpoint presentation from Washington D.C. launch.
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"What many expected to be no more than a slight blip has instead become the largest threat to the stability of the world's market economy since the Great Depression."
—Joseph E. Stiglitz, Former Senior Vice President
and Chief Economist, The World Bank
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This ninth annual edition of Global Economic Prospects and the Developing Countries:
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analyzes future prospects for developing countries in the wake of the East Asian crisis
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maps out policies to deal with crises once they erupt
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focuses on ways to prevent future crises on the scale of East Asia’s experience.
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