Summary

Article Abstract:

Global economic growth is likely to be about 2% in 1999 and 2.5% in 1999. However, the forecast varies widely for different regions of the world. The US had substantially stronger growth than all other countries in 1998. This growth looks set to slow to 3.2% for 1999 and 1.6% for 2000. Factors suggest that Japan, which was in recession in 1998 and early 1999, should achieve growth averaging 0.5% in 1999. Growth in Europe, which was low in late 1998/early 1999, looks set to increase to a 1999 average of 2.1%. The economies of the emergent Asian nations should begin to recover in late 1999.

International aspects

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Latin America

Article Abstract:

Latin American inflation is moving downward and economic activity is weakening as domestic demand and export growth slow. External financing requirements are rising and interest burdens are increasing the current account deficit. Argentina is seeing slower growth, and consumer demand looks set to weaken. Brazil is affected by political uncertainty and deficits for the balance of payments and budget. Investor sentiment is strengthening in Colombia, while Mexico faces external pressures such as a drop in petroleum prices.

Balance of Payments, Gross Domestic Product, Economic aspects, Mexico, Brazil, Argentina, Colombia, Latin America

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