Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
May 1999
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    Annex: Summing Up by the Acting Chairman

    World Economic Outlook, Executive Board Meeting, April 2, 19991

    Directors concurred that, while the global economic slowdown is likely to continue in 1999, the risk of a global recession had receded. Looking further ahead. Directors agreed with the staff’s projection of a moderate pickup in growth next year. They observed, on the positive side, the signs of the beginning of economic recovery in Asia’s crisis-afflicted emerging market economies, the broad-based easing of monetary conditions in the industrial countries, and the continued strong growth of the U.S. economy. However, they also acknowledged that the baseline projection rested on the realization of a number of favorable developments—in particular, that the U.S. economy experiences a soft landing, that growth in the euro area picks up despite a somewhat unfavorable external environment, and that the recession in Japan bottoms out in 1999. Directors were also of the view that the Brazilian crisis, despite its limited contagion effects, has imparted a new contractionary impulse to the world economy, and that financing conditions for many emerging market countries are likely to remain extremely difficult. Therefore. Directors agreed that the balance of risks remains on the downside.

    The uneven pattern of growth among the United States, the euro area, and Japan since the beginning of the decade has increased global payment imbalances, which pose a worrisome risk to the outlook in the view of many Directors. Speakers argued that the imbalances—in particular the U.S. external deficit that has aided global adjustment in the wake of" the emerging market crises—may give rise to destabilizing movements in exchange rates among the major currencies and further increase protectionist pressures. Several Directors pointed to the challenge of restoring global growth to near potential in a period when domestic demand growth in the United Slates would probably have to slow to below the rate of output growth in order to allow some narrowing in the U.S. current account deficit. This, they argued, highlights the priority that should be attached to policies aimed at generating early recovery in Asia, including Japan, and at countering and reversing the recent slowdown in much of continental Europe.

    Domestic and Global Policy Considerations in the United States, Japan, and Europe

    Directors were encouraged by the continued momentum of the current expansion in the United Slates, which is remarkable in its length and the absence of inflationary pressures. They attributed the long expansion to a range of factors, most notably fiscal consolidation prudent and responsive monetary policies, and flexible labor and product markets. They also noted that declining energy and other commodity prices had contributed to the maintenance of low inflation. But Directors also concurred that the run-up in equity prices, which in part reflects falling inflation expectations and lower bond yields, has helped importantly to sustain demand. The possibility of sharp corrections in the equity market and in the exceptionally low rate of household savings was identified by Directors as posing important downside risks to the outlook.

    The strength of the U.S. economy was now beginning to present a dilemma for U.S. policymakers according to many Directors. If domestic demand growth does not slow to a more moderate pace at an early stage, several speakers felt that an early monetary tightening will he needed to guard against the risks of overheating. These and other Directors expressed apprehension that current and projected private sector and external imbalances are unsustainable in the long run, and that past evidence suggests that the longer they continue, the greater are the chances of a sharp and painful correction. Adverse consequences of such a correction for the global economy could be transmitted to other countries through abrupt reductions in U.S. imports, as well as potentially disruptive swings in exchange rates, equity markets, and monetary conditions. Most other Directors, however, preferred a wait and see approach, arguing that a preemptive monetary tightening was not needed, because monetary conditions in the United States were already quite tight, taking into account the low level of inflation and the strength of the dollar, and that such action could jeopardize recoveries elsewhere, especially in countries emerging from crisis. Regarding fiscal policy, Directors urged the United Stales to resist pressures to spend current and prospective fiscal surpluses.

    The continued weakness of activity in Japan was of special concern to all Directors. Most felt that room for additional fiscal stimulus is limited, given the level of more than 10 percent of GDP to which the deficit is estimated to have risen in the fiscal year that ended in March 1999, but that it was critical that the planned stimulus be implemented fully, at both the central and local government levels, to support demand. With regard to monetary policy, many Directors agreed that the deflationary forces in the economy justified the continuing maintenance of short-term interest rates al levels as low as possible, as well as measures to ensure adequate growth of liquidity through open market purchases of government and corporate debt, with due regard to the creditworthiness of corporate borrowers.

    While appropriate macroeconomic policies are needed to support domestic demand in the Japanese economy, Directors emphasized the need for structural reform in key areas to reinvigorate growth and job creation over the medium term. Directors identified bank reform as an essential area and welcomed the recent commitment of public funds to recapitalize the banking system. They noted the progress made in strengthening major banks, resolving insolvent institutions, establishing legislation to permit the disposal of non-performing assets, and improving disclosure and supervision, and urged the authorities to press forward with the implementation of the Financial Stabilization Program, especially where acute problems remain. There were some questions, however, whether the reforms now under way or planned go far enough. These speakers particularly stressed the growing need for corporate restructuring, as underscored by excess capacity in some sectors and troublesome corporate debt burdens, which complicate the resolution of the banking sector difficulties. More generally, Directors saw the need to further reduce inefficiencies in the economy and to remove obstacles to the creation of new enterprises. Deregulation initiatives in some sectors had already helped to increase competition and reduce costs. However, many restrictions remain in agriculture, distribution, transportation, and construction, and these act as impediments to growth and job creation.

    Turning to Europe, Directors welcomed the auspicious start of EMU. However, they cautioned that euro area policymakers continue to face formidable challenges. Directors observed that since late last year there have been increasing indications that growth in the euro area has been slowing, mainly as a result of the weakening external environment, but also reflecting weak business confidence. Growth in the area is expected to be below its potential rate this year, and while recovery was expected next year, Directors were worried about downside risks. While medium-term requirements remain important, it was at the same time essential that policies be adequately attuned to supporting the domestic demand that is needed to close the sizable output gap and absorb the cyclical component of unemployment. Many Directors also underscored the importance of the euro area playing a greater role in supporting global growth, not only through domestic demand, but also through structural reforms in some areas. In light of these considerations and the limited room for maneuver in fiscal policies, and with inflation in the area having been recently below the middle of the target range, a number of Directors argued that there was now a strong case for further monetary easing. Early action, in their view, carried few risks but significant benefits to both the euro area and the world economy more generally. It would be important that those euro area countries experiencing relatively strong growth respond to further monetary easing by countercyclical fiscal actions to prevent overheating. A number of other Directors, however, were not convinced about the ease for further monetary easing, pointing to the strength of consumer confidence: and the weakness of the euro also militated against further easing in their view. All Directors agreed, however, that the ECB should act decisively to lower interest rates if there are signs that the slowdown is persisting.

    Directors agreed that success in labor and product market reforms would be central to enhancing growth and employment prospects in Europe, especially in the medium term. Indeed, in those countries that had achieved the most progress, there was considerable evidence of the positive effects of such reforms, in sharp contrast to the experiences of countries that have been slow to reform their labor markets. Poor labor market performance has imposed a heavy burden on many European economies, in terms of the hardship borne by the unemployed themselves, for governments on account of forgone revenues and transfer payments, and more generally through output and welfare losses.

    Directors recognized that, although conditions differ across countries as regards both the extent and the specific nature of the problems to be addressed, the overall thrust of the required actions is clear: to remove obstacles to job creation and to remove disincentives for the nonemployed to enter employment. This will require easing job protection legislation, reducing excessive tax burdens on labor, and reducing the disincentive effects of unemployment benefits and other social transfers. As many of the existing labor and product market rigidities tend to reinforce one another, Directors agreed that comprehensive reforms are more likely lo succeed than are partial or piecemeal actions.

    Economic Prospects and Policy Responses in Crisis-Afflicted Economies

    Directors agreed that public sector imbalances had been at the root of the crisis in Brazil. The growing fiscal imbalance had also contributed to a widening of the external deficit, which had made Brazil very vulnerable to changes in investor sentiment and contributed to a widespread perception that the country’s crawling peg was not sustainable. In this regard, some Directors observed that the recent Brazilian experience had highlighted, anew, the importance of strong macroeconomic policies to support the credibility of a pegged exchange rate regime. Moreover, several Directors pointed to the need for a determined tightening of monetary policy in the early stages of an economic crisis, while others underscored the importance of sufficient exchange rate flexibility, Looking ahead. Directors thought that the Brazilian economy may already begin to recover next year, as the crisis does not appear to be rooted in structural problems and the financial system is relatively robust. But the pace of recovery will depend crucially on the speed at which the authorities address the fiscal deficit, and on their success in containing inflation expectations and stabilizing exchange markets. Directors were encouraged by early signs that inflation was contained, but cautioned that strong implementation of the recently approved program is crucial to restore confidence and allow monetary conditions to ease gradually.

    Directors cautioned that the recession in Brazil will have a significant regional impact, exacerbated by the depreciation of the real and by tighter external financing constraints on neighboring countries. They were, however, heartened by the moderate impact the Brazilian crisis has had on financial markets elsewhere in Latin America, and most economies of the region appear to be relatively well placed to withstand its spillovers. This is a reflection of the considerable strengthening of the region’s economic fundamentals that had been achieved over the past decade. Nonetheless, the required economic adjustments and the risks of further contagion call for determined policy discipline and a reinvigoration of reform efforts, especially in those countries suffering from fiscal and external imbalances that have been exacerbated by recent commodity price weaknesses and unfavorable financial market conditions. In a number of cases, financial sector fragilities require particular attention.

    In reviewing the prospects for Russia, Directors expressed deep concern about the deterioration in the country’s economic performance since the August 1998 financial crisis, with a sharp increase in the rate of inflation and danger of a prolonged recession and significant adverse spillovers in neighboring economies. Against this background. Directors noted recent indications of the Russian authorities’ efforts to address the underlying fiscal and structural problems, and underscored that a strong commitment to reform is required to arrest and reverse the serious problems facing Russia. Speakers particularly emphasized the need to implement a strong fiscal adjustment program that would limit the need for central bank financing of the budget and stop the accumulation of budget arrears. Directors also stressed the importance of reinvigorated structural reform efforts in those areas where implementation had been unsatisfactory, of reversing the setbacks that have occurred since August 1989, and of addressing the additional financial sector problems that have emerged in the wake of the crisis.

    In contrast to the situation in much of Latin America and Russia. Directors were encouraged by signs that economic recovery was set to begin or was already under way in the Asian emerging market economies that had suffered deep contractions following the financial crises in the second half of 1997. They observed that the turnaround appears to be most advanced in Korea, followed by Thailand. Recoveries in these and other crisis countries were being underpinned by sharp turnarounds in their external payments positions and improvements in investor confidence, stronger exchange rates, a resumption of capital flows, and improved financial market conditions. The return of confidence had allowed macroeconomic policies greater scope to assist the recovery. Directors considered that in Indonesia a turnaround in activity might begin to emerge in the second half of 1999, although delays in reform efforts and continued political instability had hindered a return of confidence. In considering the steps needed to ensure that the nascent recoveries in the region build into a new period of strong and sustainable growth. Directors strongly emphasized the need for further progress with structural reforms, in particular banking and corporate sector restructuring, and those aimed at fostering well-functioning markets and a more efficient allocation of resources.

    Adjustment in Other Emerging Market Countries and the Prevention of Contagion

    Directors welcomed the fact that China. India, and some African countries appeared to have weathered recent financial crises reasonably well. To varying degrees, the resilience of these countries reflected limited trade links with the countries in crisis, relatively low reliance on private capital inflows, or limited integration with international financial markets. Notwithstanding the apparently strong growth performance of China last year, several Directors expressed concerns about the underlying strength of the economy, and especially about financial sector fragilities and the substantial need for reform of slate-owned enterprises. There was general agreement, however, that in areas of macroeconomic and exchange rate policy. China had steered an appropriate course, particularly in maintaining the stability of the renminbi and providing stimulus for the economy. In India, the repercussions from the Asian crisis had been relatively modest, and growth is expected to be sustained close to that observed recently. Directors emphasized, however, that India’s medium-term growth prospects continue to be constrained by serious fiscal and structural weaknesses.

    With regard to Africa, Directors were pleased to note that improvements in policy implementation had helped a number of countries strengthen their economic performance and reduce their vulnerability to adverse external developments. At the same time, however, the recent declines in the prices of oil and other commodities had led to significant falls in real income in many African countries. Several Directors considered that more external debt reduction options and continued international financial assistance were necessary to support the adjustment and reform efforts of these countries. Some Directors also suggested that industrial countries needed to improve market access for developing country exports, particularly agricultural products. Directors also voiced their concern about the severe economic and social costs of the armed conflicts in several parts of the continent, and called for adequate provision of international assistance to the affected countries,

    The decline in oil prices had also entailed substantial shortfalls in export earnings and fiscal revenue among the Middle East oil exporters. These are being met partly by drawing on official reserves and increased external borrowing. Directors encouraged those countries to build on adjustment efforts already under way in order to safeguard macroeconomic stability, especially if the weakness of export prices continues.

    In addressing the more general issues of international financial contagion and its prevention. Directors observed that an unusual feature of the financial crises in emerging market economies in recent years has been the way they had in some cases spread among countries with apparently limited trade or financial links and in the absence of a significant common shock. Directors agreed that this phenomenon may well be partly a result of the increased globalization of financial markets, which, while providing benefits of increased access to external financing, have made economies more vulnerable to sudden, sharp changes in investor sentiment. In fact, the increased globalization of financial markets has meant that balance of payments crises now involve the capital account more than in the past, which tends to make crises less predictable. While financial contagion helps explain the increased incidence of crises. Directors emphasized that contagion is not indiscriminate. Rather, it is usually associated with weaknesses in economic fundamentals, especially with regard to the external position or vulnerabilities in the financial system, including those arising from excessive exposure to short-term external liabilities.

    While efforts to strengthen the international financial architecture are essential both for crisis prevention and for crisis management, the problem of contagion must also be addressed at the country level. In this regard, Directors stressed the central role of domestic economic policies in preventing crises in the first place and in reducing a country’s vulnerability to contagion. In particular, they noted the importance of avoiding significant exchange rate overvaluation and, in the case of pegged exchange rate regimes, of pursuing fiscal and monetary policies consistent with the exchange rate commitment. Directors also emphasized that policies to address weaknesses in financial systems are crucial in any effective crisis prevention strategy. To guard against liquidity crises, it is therefore important to pay attention to the maturity structure and currency composition of debt of banks and their corporate customers. Directors also emphasized the need in many countries to enhance the effectiveness of prudential regulation and supervision of banks and other financial institutions. Some speakers referred in particular to the importance of prudential standards regarding short-term borrowing by banks. In this regard, some Directors pointed to the need to improve the regulatory oversight, on the supply side, of the highly-leveraged activities of financial institutions. The maturity structure of public debt should also be managed carefully, because a change in investor sentiment could make it difficult for the government to roll over a large stock of short-term debt.

    In view of the fact that many emerging market crises in recent years had occurred in countries with pegged exchange rates, several Directors questioned the viability of pegged but adjustable regimes under conditions of increased globalization of financial markets. They emphasized that in many cases a greater degree of exchange rate flexibility may help to make domestic and foreign investors more aware of exchange rate risks. Other Directors argued that a fixed exchange rate may be especially useful as a nominal anchor and to help rein in high inflation. In particular, a currency hoard could be an attractive option in some cases, but Directors acknowledged that such a regime is particularly demanding in its requirements, in terms of the adequacy of reserves, financial system soundness, market flexibility, and fiscal performance. Directors agreed that the optimal exchange rate arrangement varies across countries and that irrespective of the regime chosen, economic policies need to support the arrangement and foster macroeconomic stability to guarantee its success.

    Statistical Appendix

    The statistical appendix presents historical data, as well as projections. It comprises four sections: Assumptions. Data and Conventions, Classification of Countries, and Statistical Tables.

    The assumptions underlying the estimates and projections for 1999–2000 and the medium-term scenario for 2001–2004 are summarized in the first section. The second section provides a general description of the data, and the conventions used for calculating country group composites. The classification of countries in the various groups presented in the World Economic Outlook is summarized in the third section. Note that the group of advanced economies, previously labeled industrial countries, includes Israel and four newly industrialized Asian economies, which all were added to the industrial country group in the May 1997 issue of the World Economic Outlook.

    The last, and main, section comprises the statistical tables. Data in these tables have been compiled on the basis of information available in early April 1999. The figures for 1999 and beyond are shown with the same degree of precision as the historical figures, solely for convenience; since they are projections, the same degree of accuracy is not to be inferred.

    Assumptions

    Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period February 16-March 15, 1999. For 1999 and 2000, these assumptions imply average U.S. dollar/SDR conversion rates of 1.370 and 1.369, respectively.

    Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected advanced economies are described in Box 1.1.

    It is assumed that the price of oil will average $12.00 a barrel in 1999 and $13.60 a barrel in 2000. In the medium term, the oil price is assumed to remain unchanged in real terms.

    With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 5.2 percent in 1999 and in 2000; that the six-month interbank deposit rate in Japan will average 0.2 percent in 1999 and 0.3 percent in 2000; and that the six-month interbank deposit rate for the euro will average 3.0 percent in 1999 and 3.1 percent in 2000.

    With respect to introduction of the euro, on December 31. 1998 the Council of the European Union decided that, effective January 1. 1999, the irrevocably fixed conversion rates between the euro and currencies of the member states adopting the euro are;

    1 euro=40.3399Belgian francs
    =1.95583Deutsche mark
    =166.386Spanish pesetas
    =6.55957French francs
    =0.787564Irish pound
    =1,936.27Italian lire
    =40.3399Luxembourg francs
    =2.20371Netherlands guilders
    =13.7603Austrian schillings
    =200.482Portuguese escudos
    =5.94573Finnish markkaa

    See Box 5.4 in the October 1998 World Economic Outlook for details on how the conversion rates were established.

    Data and Conventions

    Data and projections for 184 countries form the statistical basis for the World Economic Outlook (the World Economic Outlook database). The data are maintained jointly by the IMF’s Research Department and area departments, with the latter regularly updating country projections based on consistent global assumptions.

    Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the national compilation of statistics, including the analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The World Economic Outlook database reflects information from both national source agencies and international organizations.

    The completion in 1993 of the comprehensive revision of the standardized System of National Accounts 1993 (SNA) and the IMF’s Balance of Payments Manual (BPM) represented important improvements in the standards of economic statistics and analysis.1 The IMF was actively involved in both projects, particularly the new BPM, which reflects the IMF’s special interest in countries’ external positions. Key changes introduced with the new BPM were summarized in Box 13 of the May 1994 World Economic Outlook. The process of adapting country balance of payments data to the definitions of the new BPM began with the May 1995 World Economic Outlook. However, full concordance with the BPM is ultimately dependent on the provision by national statistical compilers of revised country data, and hence the World Economic Outlook estimates are still only partially adapted to the BPM.

    Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Arithmetically weighted averages are used for all data except inflation and money growth for the developing and transition country groups, for which geometric averages are used. The following conventions apply.

    • Country group composites for exchange rates, interest rates, and the growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of world or group GDP.

    • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.2

    • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.

    • Composites relating to the external economy are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data, and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars. Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percentage changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).

    For central and eastern European countries, external transactions in nonconvertible currencies (through 1990) are converted to U.S. dollars at the implicit U.S. dollar/ruble conversion rates obtained from each country’s national currency exchange rate for the U.S. dollar and for the ruble.

    Unless otherwise indicated, multiyear averages of growth rates are expressed as compound annual rates of change.

    Classification of Countries

    Summary of the Country Classification

    The country classification in the World Economic Outlook divides the world into three major groups: advanced economies, developing countries, and countries in transition.3 Rather than being based on strict criteria, economic or otherwise, this classification has evolved over time with the objective of facilitating analysis by providing a reasonably meaningful organization of data. A few countries are presently not included in these groups, either because they are not IMF members, and their economies are not monitored by the IMF, or because databases have not yet been compiled. Cuba and the Democratic People’s Republic of Korea are examples of countries that are not IMP members, whereas San Marino, among the advanced economies, is an example of an economy for which a database has not been completed. It should also be noted that, owing to lack of data, only three of the former republics of the dissolved Socialist Federal Republic of Yugoslavia (Croatia, the former Yugoslav Republic of Macedonia, and Slovenia) are included in the group composites for countries in transition.

    Each of the three main country groups is further divided into a number of subgroups. Among the advanced economies, the seven largest in terms of GDP, collectively referred to as the major industrial countries, are distinguished as a subgroup, and so are the 15 current members of the European Union, the 11 members of the euro area, and the four newly industrialized Asian economies. The developing countries are classified by region, as well as into a number of analytical and other groups, A regional breakdown is also used for the classification of the countries in transition. Table A provides an overview of these standard groups in the World Economic Outlook, showing the number of countries in each group and the average 1998 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and population.

    Table A.Classification In World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 19981(Percent of total for group or world)
    Number of

    Countries
    GDPExports of Goods

    and Services
    Population
    Share of total for
    Advanced economiesWorldAdvanced economiesWorldAdvanced economiesWorld
    Advanced economies28100.055.4100.077.9100.015.6
    Major industrial countries780.244.463.349.374.511.6
    United States37.520.817.813.829.54.6
    Japan13.47.48.36.513.82.2
    Germany8.14.511.99.38.91.4
    France6.23.47.45.76.31.0
    Italy5.63.16.14.86.21.0
    United Kingdom6.03.37.25.66.41.0
    Canada3.31.84.73.63.30.5
    Other advanced economies2119.811.036.728.625.54.0
    Memorandum
    Industrial countries (former definition)2393.852.087.468.190.914.2
    European Union1535.919.951.740.340.56.3
    Euro area112815.541.132.031.44.9
    Newly industrialized Asian economies45.73.212.09.38.51.3
    Developing CountriesWorldDeveloping CountriesWorldDeveloping CountriesWorld
    Developing countries128100.039.8100.017.7100.077.5
    Regional groups
    Africa518.33.310.21.815.411.9
    Sub-Sahara486.02.47.71.413.910.8
    Excluding Nigeria and South Africa463.61.44.00.710.27.9
    Asia2757.522.845.98.167.452.2
    China30.112.017.53.127.421.2
    India11.04.43.70.721.316.5
    Other Asia2516.36.524.74.418.614.5
    Middle East and Europe1711.74.719.23.46.45.0
    Western Hemisphere.3322.58.924.84.410.88.4
    Analytical groups
    By source of export earnings
    Fuel179.73.916.62.96.95.3
    Nonfuel11190.335.983.414.893.172.2
    Manufactures655.322.039.37.057.444.5
    Primary products405.12.06.51.212.09.3
    Services, income, and private transfers393.81.54.40.84.23.3
    Diversified2626.010.333.35.919.515.1
    By external financing source
    Net creditor countries72.81.110.11.80.80.6
    Net debtor countries12197.238.789.916.099.276.9
    Official financing629.43.78.11.421.216.4
    Private financing3464.825.863.611.345.134.9
    Diversified financing2523.09.118.23.232.925.5
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during 1993–976023.49.322.03.926.820.8
    Other net debtor countries6173.829.367.912.072.456.1
    Other groups
    Heavily indebted poor countries404.11.64.60.813.210.2
    Least developed countries464.41.82.80.513.410.4
    Middle East and north Africa2111.64.617.23.07.45.7
    Countries in transitionWorldCountries in transitionWorldCountries in transitionWorld
    Countries in transition28100.04.8100.04.4100.06.9
    Central and eastern Europe1856.52.763.52.844.93.1
    Excluding Belarus and Ukraine1645.82.254.12.429.82.1
    Russia33.91.629.41.336.62.5
    Transcaucasus and central Asia99.50.57.10.318.61.3

    The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs.

    A new classification, the euro area, has been added to the Statistical Appendix for some variables. The euro area comprises the countries that formed the European Monetary Union as of January 1, 1999; namely: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Data shown are aggregates of country data and do not reflect official statistics at this time.

    General Features and Compositions of Groups in the World Economic Outlook Classification

    Advanced Economies

    The 28 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany. France. Italy, the United Kingdom, and Canada—constitute the subgroup of major industrial countries, often referred to as the Group of Seven (G-7) countries. The current members of the European Union (15 countries) and the newly industrialized Asian economies are also distinguished as subgroups. Composite data shown in the tables under the heading “European Union” cover the current 15 members of the European Union for all years, even though the membership has increased over time.

    Table B.Advanced Economies by Subgroup
    European UnionEuro AreaNewly Industrialized Asian EconomiesOther Countries
    Major industrial countries
    FranceFranceCanada
    GermanyGermanyJapan
    ItalyItalyUnited States
    United Kingdom
    Other advanced economies
    AustriaLuxembourgAustriaHong Kong SAR1Australia
    BelgiumNetherlandsBelgiumKoreaIceland
    DenmarkPortugalFinlandSingaporeIsrael
    FinlandSpainIrelandTaiwan Province of ChinaNew Zealand
    GreeceSwedenLuxembourgNorway
    IrelandNetherlandsSwitzerland
    Portugal
    Spain

    On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

    In 1991 and subsequent years, data for Germany refer to west Germany and the eastern Lander (that is, the former German Democratic Republic). Before 1991, economic data are not available on a unified basis or in a consistent manner. Hence, in tables featuring data expressed as annual percent change, these apply to west Germany in years up to and including 1991, but to unified Germany from 1992 onward. In general, data on national accounts and domestic economic and financial activity through 1990 cover west Germany only, whereas data for the central government and balance of payments apply to west Germany through June 1990 and to unified Germany thereafter.

    Developing Countries

    The group of developing countries (128 countries) includes all countries that are not classified as advanced economies or as countries in transition, together with a few dependent territories for which adequate statistics are available.

    The regional breakdowns of developing countries in the World Economic Outlook conform to the IMF’s International Financial Statistics (IFS) classification—Africa. Asia, Europe, Middle East, and Western Hemisphere—with one important exception. Because all of the developing countries in Europe except Cyprus, Malta, and Turkey are included in the group of countries in transition, the World Economic Outlook classification places these three countries in a combined Middle East and Europe region. In both classifications, Egypt and the Libyan Arab Jamahiriya are included in this region, not in Africa. Three additional regional groupings—two of them constituting part of Africa and one a subgroup of Asia—are included in the World Economic Outlook because of their analytical significance. These are sub-Sahara, sub-Sahara excluding Nigeria and South Africa, and Asia excluding China and India.

    The developing countries are also classified according to analytical criteria and into other groups. The analytical criteria reflect countries’ composition of export earnings and other income from abroad, a distinction between net creditor and net debtor countries, and, for the net debtor countries, financial criteria based on external financing source and experience with external debt servicing. Included as “other groups” are currently the heavily indebted poor countries (HIPCs), the least developed countries, and Middle East and north Africa (MENA). The detailed composition of developing countries in the regional, analytical, and other groups is shown in Tables C through E.

    Table C.Developing Countries by Region and Main Source of Export Earnings
    FuelManufacturesPrimary ProductsServices.

    Income, and

    Private Transfers
    Diversified

    Source of

    Export Earnings
    Africa
    Sub-SaharaAngolaBotswanaBeninCameroon
    Congo, Republic ofBurundiBurkina FasoKenya
    Central AfricanCape VerdeMauritius
    GabonRepublicComorosSenegal
    NigeriaChadDjiboutiSierra Leone
    Congo, DemocraticEritreaSouth Africa
    Republic ofGambia, The
    Côte d’ivoireLesotho
    Equatorial GuineaMozambique, Republic of
    Ethiopia
    GhanaSeychelles
    Guinea
    Guinea-Bissau
    Liberia
    Madagascar
    Malawi
    Mali
    Mauritania
    Namibia
    Niger
    Rwanda
    São Tomé and Príncipe
    Somalia
    Sudan
    Swaziland
    Tanzania
    Togo
    Uganda
    Zambia
    Zimbabwe
    North AfricaAlgeriaMorocco Tunisia
    Asia
    BruneiChinaCambodiaBhutanAfghanistan,
    DarussalationIndiaMyanmarFijiIslamic State of
    MalaysiaPapua New GuineaKiribatiBangladesh
    PakistanSolomon IslandsMaldivesIndonesia
    ThailandVietnamMarshall IslandsLao People’s
    Micronesia,Democratic
    Federated States ofRepublic
    NepalPhilippines
    SamoaSri Lanka
    Tonga
    Vanuatu
    Middle East and Europe
    BahrainCyprusMalta
    Iran. IslamicEgyptSyrian Arab
    Republic ofJordanRepublic
    IraqLebanonTurkey
    KuwaitYemen, Republic of
    Libya
    Oman
    Qatar
    Saudi Arabia
    United Arab
    Emirates
    Western Hemisphere
    Trinidad andBrazilBoliviaAntigua and BarbudaArgentina
    TobagoChileBahamas, TheColombia
    VenezuelaGuyanaBarbadosCosta Rica
    HondurasBelizeDominica
    NicaraguaDominican RepublicEcuador
    PeruEi SalvadorGuatemala
    SurinameGrenadaMexico
    HaitiNetherlands
    JamaicaAntilles
    PanamaUruguay
    Paraguay
    St. Kitts and Nevis
    St. Lucia
    St Vincent and the
    Grenadines

    The first analytical criterion, by source of export earnings, distinguishes among five categories: fuel (Standard International Trade Classification—SITC 3); manufactures (SITC 5 to 9, less 68); nonfuel primary products (SITC 0, 1, 2, 4, and 68); services, income, and private transfers (exporters of services and recipients of income from abroad, including workers’ remittances); and diversified export earnings. Countries whose 1990–93 export earnings in any of the first four of these categories accounted for more than half of total export earnings are allocated to that group, while countries whose export earnings were not dominated by any one of these categories are classified as countries with diversified export earnings (see Table C).

    The financial criteria first distinguish between net creditor and net debtor countries. Net creditor countries are defined as developing countries with positive net external assets at the end of I997.4 Countries in the much larger net debtor group are differentiated on the basis of two additional financial criteria: by main source of external financing and by experience with debt servicing.5

    Within the classification main source of external financing, three subgroups, based on country estimates of the composition of external financing, are identified: countries relying largely on official financing, countries relying largely on private financing, and countries with diversified financing source. Net debtor countries are allocated to the first two of these subgroups according to whether their official financing, including official grants, or their private financing, including direct and portfolio investment, accounted for more than two-thirds of their total 1993–97 external financing. Countries that do not meet either of these two criteria are classified as countries with diversified financing sources (see Table D).

    Table D.Developing Countries by Region and Main External Financing Source
    Net Debtor Countries
    By main external financing source
    CountriesNet Creditor

    Countries
    Official

    financing
    Private

    financing
    Diversified

    financing
    Africa
    Sub-Sahara
    Angola
    Benin
    Botswana
    Burkina Faso
    Burundi
    Cameroon
    Cape Verde
    Central African Republic
    Chad
    Comoros
    Congo. Democratic Republic of
    Congo, Republic of
    Côte d’Ivoire
    Djibouti
    Equatorial Guinea
    Eritrea
    Ethiopia
    Gabon
    Gambia, The
    Ghana
    Guinea
    Guinea-Bissau
    Kenya
    Lesotho
    Liberia
    Madagascar
    Malawi
    Mali
    Mauritania
    Mauritius
    Mozambique. Republic of
    Namibia
    Niger
    Nigeria
    Rwanda
    São Tomé and Príncipe
    Senegal
    Seychelles
    Sierra Leone
    Somalia
    South Africa
    Sudan
    Swaziland
    Tanzania
    Togo
    Uganda
    Zambia
    Zimbabwe
    North Africa
    Algeria
    Morocco
    Tunisia
    Asia
    Afghanistan, Islamic State of
    Bangladesh
    Bhutan
    Brunei Darussalam
    Cambodia
    China
    Fiji
    India
    Indonesia
    Kiribati
    Lao People’s Democratic Republic
    Malaysia
    Maldives
    Marshall Islands
    Micronesia, Federated States of
    Myanmar
    Nepal
    Pakistan
    Papua New Guinea
    Philippines
    Samoa
    Solomon Islands
    Sri Lanka
    Thailand
    Tonga
    Vanuatu
    Vietnam
    Middle East and Europe
    Bahrain
    Cyprus
    Egypt
    Iran, Islamic Republic of
    Iraq
    Jordan
    Kuwait
    Lebanon
    Libya
    Malta
    Oman
    Qatar
    Saudi Arabia
    Syrian Arab Republic
    Turkey
    United Arab Emirates
    Yemen, Republic of
    Western Hemisphere
    Antigua and Barbuda
    Argentina
    Bahamas. The
    Barbados
    Belize
    Bolivia
    Brazil
    Chile
    Colombia
    Costa Rica
    Dominica
    Dominican Republic
    Ecuador
    El Salvador
    Grenada
    Guatemala
    Guyana
    Haiti
    Honduras
    Jamaica
    Mexico
    Netherlands Antilles
    Nicaragua
    Panama
    Paraguay
    Peru
    St. Kitts and Nevis
    St. Lucia
    St. Vincent and the Grenadines
    Suriname
    Trinidad and Tobago
    Uruguay
    Venezuela

    The other groups of developing countries (see Table E) constitute the heavily indebted poor countries (HIPCs), the least developed countries, and MENA countries. The first group comprises 40 of the countries (all except Nigeria) considered by the IMF and the World Bank for their debt initiative, known as the HIPC Initiative.6 The group of least developed countries comprises 46 of the 47 developing countries classified as “least developed” by the United Nations (Tuvalu, not being an IMF member, is excluded). Finally, Middle East and north Africa, also referred to as the MENA countries, is a new World Economic Outlook group, whose composition straddles the Africa and Middle East and Europe regions. It is defined as the Arab League countries plus the Islamic Republic of Iran.

    Table E.Other Developing Country Groups
    CountriesHeavily Indebted

    Poor Countries
    Least Developed

    Countries
    Middle East and

    North Africa
    Africa
    Sub-Sahara
    Angola
    Benin
    Botswana
    Burkina Faso
    Burundi
    Cameroon
    Cape Verde
    Central African Republic
    Chad
    Comoros
    Congo, Republic of
    Congo, Democratic Republic of
    Côte d’Ivoire
    Djibouti
    Equatorial Guinea
    Ethiopia
    Gambia. The
    Ghana
    Guinea
    Guinea-Bissau
    Kenya
    Lesotho
    Liberia
    Madagascar
    Malawi
    Mali
    Mauritania
    Mozambique, Republic of
    Niger
    Rwanda
    São Tomé and Príncipe
    Senegal
    Siena Leone
    Somalia
    Sudan
    Tanzania
    Togo
    Uganda
    Zambia
    North Africa
    Algeria
    Morocco
    Tunisia
    Asia
    Afghanistan. Islamic State of
    Bangladesh
    Bhutan
    Cambodia
    Kiribati
    Lao People’s Democratic Republic
    Maldives
    Myanmar
    Nepal
    Samoa
    Solomon Islands
    Vanuatu
    Vietnam
    Middle East and Europe
    Bahrain
    Egypt
    Iran, Islamic Republic of
    Iraq
    Jordan
    Kuwait
    Lebanon
    Libya
    Oman
    Qatar
    Saudi Arabia
    Syrian Arab Republic
    United Arab Emirates
    Yemen, Republic of
    Western Hemisphere
    Bolivia
    Guyana
    Haiti
    Honduras
    Nicaragua

    Countries in Transition

    The group of countries in transition (28 countries) comprises central and eastern European countries (including the Baltic countries), Russia, the other stales of the former Soviet Union, and Mongolia. The transition country group is divided into three regional subgroups: central and eastern Europe, Russia, and Transcaucasus and central Asia. The detailed country composition is shown in Table F.

    Table F.Countries in Transition by Region
    Central and Eastern EuropeRussiaTranscaucasus

    and Central Asia
    AlbaniaLithuaniaRussiaArmenia
    BelarusMacedonia, former Yugoslav Republic ofAzerbaijan
    Bosnia and HerzegovinaMoldovaGeorgia
    BulgariaPolandKazakhstan
    CroatiaRomaniaKyrgyz Republic
    Czech RepublicSlovak RepublicMongolia
    EstoniaSloveniaTajikistan
    HungaryUkraineTurkmenistan
    LatviaYugoslavia, Federal Republic of (Serbia/Montenegro)Uzbekistan

    One common characteristic of these countries is the transitional state of their economies from a centrally administered system to one based on market principles. Another is that this transition involves the transformation of sizable industrial sectors whose capital stocks have proven largely obsolete. Although several other countries are also “in transition” from partially command-based economic systems toward market-based systems (including China, Cambodia, the Lao People’s Democratic Republic, Vietnam, and a number of African countries), most of these are largely rural, low-income economies for whom the principal challenge is one of economic development. These countries are therefore classified in the developing country group rather than in the group of countries in transition.

    List of Tables

    Output

    1. Summary of World Output

    2. Advanced Economies: Real GDP and Total Domestic Demand

    3. Advanced Economies: Components of Real GDP

    4. Advanced Economies: Unemployment. Employment, and Real Per Capita GDP

    5. Developing Countries: Real GDP

    6. Developing Countries—by Country: Real GDP

    7. Countries in Transition: Real GDP

    Inflation

    8. Summary of Inflation

    9. Advanced Economies: GDP Deflators and Consumer Prices

    10. Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing

    11. Developing Countries: Consumer Prices

    12. Developing Countries—by Country: Consumer Prices

    13. Countries in Transition: Consumer Prices

    Financial Policies

    14. Summary Financial Indicators

    15. Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions

    16. Advanced Economies: General Government Structural Balances

    17. Advanced Economies: Monetary Aggregates

    18. Advanced Economies: Interest Rates

    19. Advanced Economies: Exchange Rates

    20. Developing Countries: Central Government Fiscal Balances

    21. Developing Countries: Broad Money Aggregates

    Foreign Trade

    22. Summary of World Trade Volumes and Prices

    23. Nonfuel Commodity Prices

    24. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade

    25. Developing Countries—by Region: Total Trade in Goods

    26. Developing Countries—by Source of Export Earnings: Total Trade in Goods

    Current Account Transactions

    27. Summary of Payments Balances on Current Account

    28. Advanced Economies: Balance of Payments on Current Account

    29. Advanced Economies: Current Account Transactions

    30. Developing Countries: Payments Balances on Current Account

    31. Developing Countries—by Region: Current Account Transactions

    32. Developing Countries—by Analytical Criteria: Current Account Transactions

    Balance of Payments and External Financing

    33. Summary of Balance of Payments and External Financing

    34. Developing Countries—by Region; Balance of Payments and External Financing

    35. Developing Countries—by Analytical Criteria: Balance of Payments and External Financing

    36. Developing Countries: Reserves

    37. Net Credit and Loans from IMF

    External Debt and Debt Service

    38. Summary of External Debt and Debt Service

    39. Developing Countries—by Region: External Debt, by Maturity and Type of Creditor

    40. Developing Countries—by Analytical Criteria: External Debt, by Maturity and Type of Creditor

    41. Developing Countries: Ratio of External Debt to GDP

    42. Developing Countries: Debt-Service Ratios

    43. IMF Charges and Repurchases to the IMF

    Flow of Funds

    44. Summary of Sources and Uses of World Saving

    Medium-Term Baseline Scenario

    45. Summary of World Medium-Term Baseline Scenario

    46. Developing Countries—Medium-Term Baseline Scenario: Selected Economic Indicators

    Output

    Table 1.Summary of World Output1(Annual percent change)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    World3.43.11.82.72.74.03.74.34.22.52.33.4
    Advanced economies3.12.31.21.91.23.22.63.23.22.22.02.3
    United States2.92.6−0.92.72.33.52.33.43.93.93.32.2
    European Union2.41.91.71.1−0.53.02.41.82.72.81.82.7
    Japan4.01.03.81.00.30.61.55.01.4−2.8−1.40.3
    Other advanced economies4.63.62.73.44.15.95.04.14.51.12.33.4
    Developing countries4.25.44.96.76.56.86.16.55.73.33.14.9
    Regional groups
    Africa2.52.81.80.20.72.23.15.83.13.43.25.1
    Asia6.97.36.69.59.39.69.18.26.63.84.75.7
    Middle East and Europe3.03.52.77.04.00.63.74.74.42.92.033
    Western Hemisphere1.63.23.93.33.95.21.33.65.22.3−0.53.5
    Analytical groups
    By source of export earnings
    Fuel1.62.74.86.31.40.22.53.83.41.80.32.9
    Nonfuel4.75.84.96.77.27.66.56.86.03.53.45.1
    By external financing source
    Net creditor countries1.13.05.08.73.81.71.33.12.51.00.82.2
    Net debtor countries4.45.54.96.66.66.96.36.65.83.43.24.9
    Official financing3.53.83.93.02.53.43.95.73.04.33.44.6
    Private financing4.56.16.07.87.97.86.36.76.54.13.25.1
    Diversified financing4.54.62.55.14.86.27.06.95.20.93.04.7
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during 1993–972.12.91.92.42.73.34.03.94.12.00.54.1
    Other net debtor countries5.56.46.18.38.08.27.07.66.43.84.05.3
    Countries in transition2.1−3.2−7.4−11.7−6.4−7.5−1.1−0.32.2−0.2−0.92.5
    Central and eastern Europe−1.2−9.9−8.5−3.7−2.91.61.63.12.42.03.7
    Excluding Belarus and Ukraine1.0−10.7−5.110.33.25.63.73.52.63.04.6
    Russia−6.1−5.0−14.5−8.7−12.6−4.1−3.50.8−4.8−7.0
    Transcaucasus and central Asia−3.7−7.0−14.4−9.6−10.4−4.41.62.42.01.83.1
    Memorandum
    Median growth rate
    Advanced economies3.02.62.21.40.93.92.93.43.53.02.23.0
    Developing countries3.33.82.83.62.83.54.44.64.03.83.94.6
    Countries in transition2.7−1.4−10.8−11.4−8.1−1.81.83.03.44.03.24.3
    Output per capita
    Advanced economies2.41.711.41.20.62.51.92.52.61.71.51.8
    Developing countries1.93.62.94.14.54.94.34.84.11.61.53.3
    Countries in transition1.4−3.2−7.6−11.9−6.5−7.5−1.1−0.12.2−0.3−1.02.4
    World growth based on market exchange rates3.02.10.50.81.02.82.63.53.31.91.72.6
    Value of world output in billions of U.S. dollars
    At market exchange rates15,52627,65423,68423,61524,21626,00528,79029,59029,47729,27230,24231,647
    At purchasing power parities18,92234,72727,01528,47329,91531,76833,64635,71437,87039,10340,71443,052

    Real GDP.

    Table 2.Advanced Economies: Real GDP and Total Domestic Demand(Annual percent change)
    Ten-Year AveragesFourth Quarter1
    1981–901991–20001991199219931994199519961997199819992000199819992000
    Real GDP
    Advanced economies3.12.31.21.91.23.22.63.23.22.22.02.3
    Major industrial countries2.92.10.81.81.l2.92.13.03.02.21.92.02.11.72.1
    United States2.92.6−0.92.72.33.52.33.43.93.93.32.24.32.42.2
    Japan4.01.03.81.00.30.61.55.01.4−2.8−1.40.3−3.0−0.51.0
    Germany22.32.05.02.2−1.22.71.21.32.22.81.52.81.92.32.6
    France2.41.80.81.2−1.32.82.11.62.33.12.22.92.62.23.2
    Italy2.21.31.10.6−1.22.22.90.91.51.41.52.40.92.41.8
    United Kingdom32.71.9−1.50.12.34.42.82.63.52.10.72.11.30.72.5
    Canada2.82.2−1.90.92.34.72.61.23.83.02.62.52.82.22.6
    Other advanced economies3.73.22.92.52.04.64.43.84.22.12.53.4
    Spain3.02.32.30.7−1.22.12.92.43.53.83.33.5
    Netherlands2.22.62.32.00.83.22.33.13.63.72.32.6
    Belgium1.91.81.61.5−1.52.62.31.33.02.91.92.2
    Sweden1.91.3−1.4−1.4−2.23.33.91.31.82.92.12.8
    Austria2.22.23.41.30.52.41.72.02.53.32.02.5
    Denmark2.02.51.41.30.85.83.03.33.12.91.32.0
    Finland3.11.8−7.1−3.6−1.24.55.13.66.05.03.13.5
    Greece41.62.23.10.7−1.62.02.12.43.23.73.33.4
    Portugal2.92252.31.9−1.42.42.43.64.03.93.13.2
    Ireland3.96.72.04.23.17.311.17.49.89.06.76.4
    Luxembourg4.64.85.45.88.54.13.53.54.84.13.94.4
    Switzerland2.10.7−0.8−0.1−0.50.50.61.72.11.22.0
    Norway2.43.23.13.32.75.53.85.53.42.01.01.8
    Israel3.54.35.26.83.46.96.84.62.32.02.33.0
    Iceland2.72.91.1−3.31.03.61.05.65.45.15.64.7
    Korea9.15.09.15.15.88.68.97.15.5−5.52.04.6
    Australia3.333−1.02.63.85.14.23.63.65.13.13.2
    Taiwan Province of China7.95.97.66.86.36.56.05.76.84.93.94.8
    Hong Kong SAR6.53.35.16.36.15.43.94.55.3−5.1−133.1
    Singapore7.36.37.36.210.410.58.97.58.01.50.54.2
    New Zealand1.62.3−1.70.95.16.04.03.12.1−0.32.733
    Memorandum
    Industrial countries2.92.10.81.70.92.92.33.03.02.52.02.2
    European Union2.41.91.71.1−0.53.02.41.82.72.81.82.7
    Euro area2.42.02.41.3−1.02.72.31.72.52.92.02.9
    Newly industrialized Asian economies8.25.27.95.86.37.67.36.36.0−1.52.14.5
    Real total domestic demand
    Advanced economies3.12.30.81.90.93.32.53.22.92.32.72.4
    Major industrial countries3.02.10.31.80.93.02.03.12.82.92.62.02.82.42.0
    United States3.13.0−1.62.82.93.92.13.64.25.04.52.25.33.71.8
    Japan4.10.82.90.40.11.02.35.70.1−3.5−130.4−3.2−0.71.4
    Germany1.82.04.82.8−1.42.71.40.71.43.12.02.82.82.42.7
    France2.41.40.60.2−2.23.01.80.90.93.62.22.83.42.42.7
    Italy2.31.11.80.5−4.61.62.30.22.42.61.72.51.52.81.8
    United Kingdom3.12.0−2.60.81.83.21.83.13.83.61.82.42.81.02.8
    Canada3.01.9−1.40.91.43.21.61.15.22.22.22.31.12.32.3
    Other advanced economies3.63.03.22.50.84.84.53.73.20.23.23.7
    Memorandum
    Industrial countries2.92.20.31.70.63.02.23.02.93.12.72.2
    European Union2.41.81.51.1−1.82.62.11.52.43.62.42.8
    Euro area2.31.82.41.3−2.52.42.11.l2.13.52.52.9
    Newly industrialized Asian economies7.84.59.66.65.78.67.16.63.2−10.43.55.7

    From fourth quarter of preceding year.

    Data through 1991 apply to west Germany only.

    Average of expenditure, income, and output estimates of GDP at market prices.

    Based on revised national accounts for 1988 onward.

    Table 3.Advanced Economies: Components of Real GDP(Annual percent change)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    Private consumer expenditure
    Advanced economies3.22.41.42.41.72.82.52.92.72.72.72.3
    Major industrial countries3.12.30.92.21.62.52.22.72.53.02.72.1
    United States3.22.9−0.62.82.93.32.73.23.44.84.22.1
    Japan3.71.32.52.11.21.92.12.91.0−1.1−0.10.9
    Germany12.12.15.62.80.11.21.81.60.51.92.52.9
    France2.61.81.41.40.21.41.72.00.93.62.62.8
    Italy2.61.42.71.0−2.41.41.90.82.61.91.92.3
    United Kingdom3.41.9−1.80.42.52.71.63.74.02.81.32.0
    Canada2.92.1−1.41.81.83.12.12.34.12.72.22.4
    Other advanced economies3.53.13.73.51.94.13.73.73.61.42.43.2
    Memorandum
    Industrial countries3.02.31.02.21.42.52.32.72.53.12.82.2
    European Union2.52.02.31.6−0.21.71.92.12.12.92.42.7
    Euro area2.42.03.21.9−0.61.41.91.81.72.92.72.8
    Newly industrialized Asian economies7.94.88.57.57.07.76.36.35.2−4.10.53.9
    Public consumption
    Advanced economies2.51.32.11.50.71.00.81.61.11.01.41.5
    Major industrial countries2.31.11.51.20.50.90.71.10.81.01.41.5
    United States2.60.61.0−0.1−0.30.4−0.30.71.31.11.61.1
    Japan2.51.82.02.02.42.43.31.91.50.71.01.5
    Germany11.21.30.54.1−0.52.12.02.7−0.70.61.01.7
    France2.31.92.83.43.41.12.61.21.41.51.6
    Italy2.50.51.71.10.5−0.6−1.00.3−0.81.40.22.0
    United Kingdom0.91.42.90.5−0.81.41.61.71.52.12.8
    Canada2.50.22.81.00.1−1.2−0.5−2.5−0.80.71.21.3
    Other advanced economies3.52.24.43.21.51.61.73.32.41.01.61.6
    Memorandum
    Industrial countries2.31.21.81.20.61.00.81.20.81.21.51.5
    European Union2.01.42.32.30.81.00.91.70.11.41.31.8
    Euro area2.31.42.22.81.11.00.71.80.21.41.11.7
    Newly industrialized Asian economies6.33.48.07.42.02.52.27.25.5−2.50.31.8
    Gross fixed capital formation
    Advanced economies3.32.9−1.61.6−0.34.44.26.04.33.93.83.1
    Major industrial countries3.12.8−2.42.0−0.13.93.46.24.04.64.22.8
    United States2.65.0−6.65.25.16.65.07.87.29.77.93.3
    Japan5.2−0.53.3−1.5−2.0−0.81.711.1−1.9−8.8−3.9−1.2
    Germany11.61.46.03.5−5.63.5−1.20.11.61.55.0
    France2.30.4−2.8−6.71.32.5−0.50.14.23.23.4
    Italy1.80.60.8−1.8−12.80.57.11.90.83.53.33.9
    United Kingdom4.32.5−8.7−0.70.83.62.94.96.68.64.43.3
    Canada3.92.6−3.5−1.3−2.77.4−2.56.611.14.24.43.9
    Other advanced economies4.33.21.90.1−1.26.57.35.15.71.02.34.1
    Memorandum
    Industrial countries3.12.8−2.41.3−0.74.03.85.94.44.94.23.0
    European Union2.61.7−0.1−0.8−6.32.44.01.92.95.13.84.3
    Euro area2.31.41.9−0.5−7.62.13.71.02.14.13.54.5
    Newly industrialized Asian economies8.84.211.06.06.410.29.77.24.1−11.7−2.73.9
    Final domestic demand
    Advanced economics3.12.31.02.01.02.82.63.42.72.42.62.3
    Major industrial countries3.02.10.51.80.92.42.13.22.42.82.72.1
    United States3.02.9−1.32.72.73.32.63.63.85.24.62.2
    Japan4.00.82.70.90.31.12.15.30.1−3.3−1.10.3
    Germany11.82.04.73.2−1.31.91.41.20.11.62.03.1
    France2.41.51.30.8−0.71.31.51.60.83.32.52.7
    Italy2.41.12.10.5−4.00.92.30.91.72.11.92.5
    United Kingdom3.01.9−2.10.21.52.61.83.53.73.62.02.4
    Canada3.01.8−0.81.00.62.80.72.04.32.62.42.5
    Other advanced economies3.72.93.52.51.24.34.34.03.70.92.13.2
    Memorandum
    Industrial countries2.92.10.61.70.72.42.33.12.53.02.82.2
    European Union2.41.81.81.2− 1.31.72.12.01.93.02.52.9
    Euro area2.31.72.71.6−1.81.32.01.61.32.92.63.0
    Newly industrialized Asian economies8.04.49.36.60.17.97.06.84.7−6.8−0.63.6
    Stock building2
    Advanced economies−0.2−0.1−0.10.6−0.1−0.10.20.1
    Major industrial countries−0.2−0.10.6−0.1−0.10.40.1−0.2−0.1
    United Stales0.1−0.20.20.20.6−0.50.5−0.1−0.2−0.1
    Japan0.2−0.5−0.1−0.20.20.4−0.1−0.1−0.20.1
    Germany10.10.1−0.4−0.10.8−0.51.21.50.1−0.3
    France—.−0.1−0.7−0.6−1.51.70.3−0.70.10.3−0.30.1
    Italy−0.1−0.30.1−0.60.7−0.60.70.5−0.2−0.1
    United Kingdom0.10.1−0.50.50.40.7−0.40.20.1−0.2
    Canada0.1−0.5−0.10.80.30.9−0.80.8−0.4−0.2−0.2
    Other advanced economies−0.3−0.30.60.2−0.2−0.5−0.61.00.5
    Memorandum
    Industrial countries−0.2−0.1−0.10.6−0.1−0.10.40.2−0.1
    European Union−0.3−0.1−0.50.90.1−0.50.50.5−0.1−0.1
    Euro area−0.3−0.3−0.70.90.1−0.50.00.7−0.1−0.1
    Newly industrialized Asian economies0.10.30.1−0.50.70.1−0.2−1.5−3.23.41.6
    Foreign balance2
    Advanced economies−0.10.30.3−0.10.10.30.3−0.6−0.1
    Major industrial countries−0.1−0.10.50.1−0.10.1−0.10.1−0.8−0.6−0.1
    United States−0.2−0.40.6−0.1−0.7−0.50.1−0.2−0.4−1.4−1.0−0.1
    Japan0.20.90.60.2−0.3−0.8−0.51.40.6−0.1
    Germany10.50.30.5−0.60.3−0.20.60.8−0.3−0.6
    France−0.10.40.20.90.9−0.20.30.61.40.40.2
    Italy−0.10.2−0.73.50.60.70.6−0.9−1.1−0.2
    United Kingdom−0.5−0.21.3−0.80.10.91.0−0.5−0.3−1.8−1.2−0.3
    Canada−0.10.4−0.20.40.91.30.90.3−1.50.70.60.3
    Other advanced economies0.10.3−0.30.11.1−0.2−0.10.31.21.8−0.6−0.1
    Memorandum
    Industrial countries−0.1−0.111.50.10.3−0.10.10.1−0.8−0.6−0.1
    European Union0.10.1−0.11.30.30.30.40.4−0.8−0.5−0.1
    Euro area0.2−0.21.50.20.20.60.5−0.6−0.4
    Newly industrialized Asian economies0.80.8−1.4−0.40.7−0.90.30.13.28.2−0.8−0.4

    Data through 1991 apply to west Germany only.

    Changes expressed as percent of GDP in the preceding period.

    Table 4.Advanced Economies: Unemployment, Employment, and Real Per Capita GDP(Percent)
    Ten-Year Averages1
    1981–901991–20001991199219931994199519961997199819992000
    Unemployment rate
    Advanced economics7.07.16.57.37.77.67.27.27.06.96.96.9
    Major industrial countries6.96.86.57.37.37.26.86.96.76.46.56.6
    United States27.15.76.87.56.96.15.65.44.94.54.54.7
    Japan2.53.32.12.22.52.93.13.33.44.14.84.9
    Germany37.39.55.57.78.89.69.410.311.411.210.910.4
    France9.311.49.410.311.612.311.712.412.511.611.411.1
    Italy410.111.610.910.710.211.312.012.112.312.312.212.0
    United Kingdom9.07.28.09.710.39.38.07.35.54.74.65.1
    Canada9.49.610.411.311.210.49.59.79.28.38.18.1
    Other advanced economies7.28.16.67.58.88.98.48.38.08.28.37.8
    Spain18.420.116.318.422.724.222.922.220.818.817.717.1
    Netherlands8.16.76.66.77.78.78.37.66.65.35.34.9
    Belgium9.78.86.67.38.810.09.99.79.28.88.78.5
    Sweden2.46.62.95.38.28.07.78.08.06.55.95.7
    Austria4.06.05.25.36.15.95.96.36.46.46.46.3
    Denmark9.19.010.210.912.011.910.08.67.66.26.46.6
    Finland4.812.56.711.916.416.615.414.612.611.410.210.0
    Greece7.59.67.78.79.79.610.010.310.310.110.09.9
    Portugal7.45.74.14.15.56.87.27.36.75.05.15.2
    Ireland14.611.314.715.215.514.112.111.59.87.86.86.2
    Luxembourg1.53.11.41.62.12.73.03.33.74.14.54.7
    Switzerland0.63.71.12.74.54.74.24.75.23.93.43.2
    Norway3.14.75.55.95.95.44.94.84.13.23.64.0
    Israel6.58.810.611.210.07.86.96.77.79.29.38.8
    Iceland0.9331.53.04.44.85.04.35.73.01.71.7
    Korea3.53.82.32.42.82.42.02.02.76.88.07.0
    Australia7.79.09.610.810.99.88.58.68.68.07.57.3
    Taiwan Province of China2.02.11.41.51.41.51.82.62.72.83.02.7
    Hong Kong SAR2.73.31.82.02.01.93.22.82.24.76.56.1
    Singapore3.42.91.92.72.72.62.72.01.83.35.34.5
    New Zealand5.48.010.310.39.58.16.36.26.77.57.67.4
    Memorandum
    Industrial countries7.37.46.97.78.18.07.77.77.47.07.07.0
    European Union9.210.48.59.811.011.511.111.210.910.29.99.7
    Euro area9.611.38.810.011.312.211.912.312.311.711.311.0
    Newly industrialized Asian economics3.03.32.02.12.32.12.12.22.65.46.45.7
    Growth in employment
    Advanced economies1.30.70.1−0.2−0.11.01.11.01.31.10.80.9
    Major industrial countries1.20.6−0.10.90.80.81.20.90.60.6
    United Slates1.81.2−0.90.71.52.31.51.42.21.51.01.0
    Japan1.20.41.91.111.20.10.10.51.1−0.6−0.5−0.1
    Germany30.5−0.61.7−1.9−1.8−0.7−0.4−1.3−1.30.2
    France0.30.40.2−0.6−1.2−0.10.80.30.22.11.51.1
    Italy0.4−0.41.4−1.1−4.1−1.7−0.50.40.50.50.6
    United Kingdom0.8−3.2−2.8−0.70.81.71.91.71.3−0.3
    Canada1.71.2−1.9−0.61.42.11.61.31.92.82.11.9
    Other advanced economies1.41.20.7−0.2−0.51.32.21.71.61.51.51.6
    Memorandum
    Industrial countries1.20.6−0.1−0.3−0.20.81.00.91.31.10.70.7
    European Union0.60.10.1−1.7−2.0−0.30.70.60.51.30.80.7
    Euro area0.50.11.0−1.4−2.3−0.70.50.30.31.40.90.9
    Newly industrialized Asian economics2.31.92.51.91.52.82.32.01.90.51.52.1
    Growth in real per capita GDP
    Advanced economies2.41.70.41.20.62.51.92.52.61.71.51.8
    Major industrial countries2.21.51.10.42.21.52.42.41.71.41.5
    United States1.91.7−2.01.61.22.51.32.53.03.02.41.3
    Japan3.40.73.40.70.41.34.61.2−3.0−1.60.1
    Germany32.01.74.21.4−1.92.40.91.02.12.81.52.9
    France1.91.40.40.8−1.72.41.71.21.92.71.82.6
    Italy2.11.40.80.90.21.92.80.7121.41.42.4
    United Kingdom2.51.6−2.2−0.32.14.02.42.33.21.90.41.9
    Canada1.61.0−3.1−0.21.23.61.42.71.91.51.5
    Other advanced economies3.12.52.01.91.23.83.53.13.51.51.92.8
    Memorandum
    Industrial countries2.21.51.00.32.31.62.42.51.91.51.7
    European Union2.11.71.10.8−0.62.72.11.62.52.61.72.6
    Euro area2.11.71.91.1−1.12.31.91.42.32.71.92.8
    Newly industrialized Asian economies6.94.16.94.85.36.25.94.95.1−2.41.23.5

    Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.

    The projections for unemployment have been adjusted to reflect the new survey techniques adopted by the US, Bureau of Labor Statistics in January 1994.

    Data through 1991 apply to west Germany only.

    New series starting in 1993, reflecting revisions in the labor force surveys and the definition of unemployment to bring data in line with those of other advanced economies.

    Table 5.Developing Countries: Real GDP(Annual percent change)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    Developing countries4.25.44.96.76.56.86.16.55.73.33.14.9
    Regional groups
    Africa2.52.81.80.20.72.23.15.83.13.43.25.1
    Sub-Sahara2.32.91.71.41.74.15.43.92.92.95.2
    Excluding Nigeria and
    South Africa2.73.41.3−0.11.22.114.85.84.74.05.05.8
    Asia6.97.36.69.59.39.69.18.26.63.84.75.7
    Excluding China and India5.24.:6.56.66.16.77.56.53.6−4.90.63.4
    Middle East and Europe3.03.52.77.04.00.63.74.74.42.92.03.3
    Western Hemisphere1.63.23.93.33.95.21.33.65.22.3−0.53.5
    Analytical groups
    By source or export earnings
    Fuel1.62.74.86.31.40.22.53.83.41.80.32.9
    Manufactures6.37.15.78.69.39.78.77.76.45.04.45.7
    Nonfuel primary products2.04.83.23.54.75.06.75.75.83.64.45.6
    Services, income, and private transfers4.33.80.43.92.93.34.04.14.84.84.85.2
    Diversified3.03.64.54.54.34.62.65.85.30.83.5
    By external financing source
    Net creditor countries1.13.05.08.73.81.71.33.12.51.00.82.2
    Net debtor countries4.45.54.96.66.66.96.36.65.83.43.24.9
    Official financing3.53.83.93.02.53.43.95.73.04.33.44.6
    Private financing4.56.16.07.87.97.86.36.76.54.13.25.1
    Diversified financing4.54.62.55.14.86.27.06.93.20.93.04.7
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during 1993–972.12.91.92.42.73.34.03.94.12.00.54.1
    Other net debtor countries5.56.46.18.38.08.27.07.66.43.84.05.2
    Other groups
    Heavily indebted poor countries2.53.80.91.41.72.35.45.85.14.45.35.9
    Least developed countries2.94.32.22.43.52.86.35.75.44.44.85.2
    Middle East and north Africa2.53.33.06.12.12.32.14.73.03.32.53.6
    Memorandum
    Real per capita GDP
    Developing countries1.93.62.94.14.54.94.34.84.11.61.53.3
    Regional groups
    Africa−0.60.3−1.0−2.4−1.9−0.41.13.20.50.80.72.5
    Asia5.05.74.87.77.58.07.56.65.12.33.34.3
    Middle East and Europe−0.30.80.90.31.5−2.3−1.45.82.20.4−0.40.9
    Western Hemisphere−0.51.51.91.22.03.30.90.64.10.7−2.12.1
    Table 6.Developing Countries—by Country: Real GDP1(Annual percent change)
    Average
    1981–9019911992199319941995199619971998
    Africa2.51.80.20.72.23.15.83.13.4
    Algeria2.3−1.21.6−2.2−1.13.93.81.15.4
    Angola2.10.7−1.0−27.01.411.311.76.60.4
    Benin0.74.74.03.54.44.65.65.64.4
    Botswana10.97.53.02.03.65.16.97.14.0
    Burkina Faso2.810.02.5−0.81.24.06.05.56.3
    Burundi4.55.00.7−5.9−3.7−7.3−8.40.44.5
    Cameroon3.3−3.8−3.1−3.2−2.53.35.05.15.0
    Cape Verde2.6−2.1−2.02.12.45.23.24.54.8
    Central African Republic2.0−0.6−6.40.34.96.0−1.55.13.0
    Chad5.010.42.4−1.85.70.93.74.17.0
    Comoros2.4−5.48.53.0−5.3−3.9−0.41.0
    Congo, Dem. Rep. of0.7−8.4−10.5−13.5−3.90.70.9−5.7−5.7
    Congo, Rep. of5.22.42.6−1.0−5.54.06.3−1.94.1
    Côte d’Ivoire1.0−0.2−0.22.07.16.86.05.7
    Djibouti0.30.5−0.2−3.9−2.9−4.0−5.22.41.7
    Equatorial Guinea2.2−3.617.07.16.816.237.398.793.6
    Eritrea−2.59.82.96.87.93.0
    Ethiopia1.9−4.7−5.313.43.56.211.07.00.5
    Gabon1.66.1−3.32.43.47.03.84.12.0
    Gambia, The3.42.24.46.13.8−3.45.30.87.8
    Ghana2.15.33.95.03.84.54.64.24.5
    Guinea3.12.43.54.94.04.44.64.84.6
    Guinea-Bissau2.45.11.12.13.24.44.65.2−21.0
    Kenya4.31.4−0.80.42.64.44.12.11.5
    Lesotho3.91.53.86.011.910.010.20.8−5.8
    Liberia
    Madagascar0.5−6.31.22.11.72.13.63.9
    Malawi2.28.7−7.39.7−10.214.710.75.13.6
    Mali2.0−0.98.4−2.42.36.44.06.74.6
    Mauritania4.52.61.75.54.64.64.64.54.2
    Mauritius4.96.44.86.74.33.55.15.55.6
    Morocco3.96.9−4.0−1.010.4−6.612.1−2.06.3
    Mozambique, Rep. of0.14.9−8.18.77.54.37.111.311.6
    Namibia−0.65.79.5−2.06.73.42.91.81.7
    Niger2.5−6.51.44.02.63.43.38.4
    Nigeria2.06.02.62.2−0.62.66.43.92.3
    Rwanda2.2−4.36.6−8.3−49.536.912.110.98.9
    São Tomé and Príncipe−1.51.20.71.12.22.01.51.02.7
    Senegal2.5−0.42.2−2.22.94.85.75.25.7
    Seychelles3.62.76.96.5−0.8−0.64.74.34.1
    Sierra Leone0.8−8.0−9.60.13.5−10.05.0−20.20.7
    Somalia
    South Africa1.5−1.0−2.21.32.73.43.21.70.1
    Sudan2.57.05.02.81.53.54.76.65.2
    Swaziland6.62.51.33.33.53.03.63.72.0
    Tanzania3.32.10.61.21.63.64.53.53.3
    Togo1.1−0.7−4.0−16.416.86.89.74.5−1.0
    Tunisia3.63.97.82.23.32.47.05.45.1
    Uganda3.61.03.18.45.310.58.15.25.5
    Zambia1.0−1.76.8−8.6−4.36.43.5−2.0
    Zimbabwe4.45.5−9.01.36.8−0.67.35.21.6
    Asia6.96.69.59.39.69.18.26.63.8
    Afghanistan, Islamic State of−2.00.81.0−3.1−3.026.26.06.06.0
    Bangladesh4.34.14.84.24.75.35.45.74.2
    Bhutan7.61.94.45.05.16.96.05.74.6
    Brunei Darussalam4.0−1.10.51.83.03.64.11.0
    Cambodia7.67.04.14.07.67.01.0
    China9.19.214.213.512.610.59.68.87.8
    Fiji2.51.54.83.54.22.43.33.64.0
    India5.91.74.25.17.28.07.45.55.6
    Indonesia5.48.97.27.37.58.28.04.6−13.7
    Kiribati0.42.8−1.60.91.83.22.02.52.0
    Lao PD. Republic5.64.07.05.98.17.16.96.55.0
    Malaysia6.08.67.88.39.34.48.67.7−6.8
    Maldives10.27.66.36.26.67.26.56.26.0
    Marshall Islands0.10.15.42.7−1.9−13.1−5.3−4.3
    Micronesia, Fed. States of4.3−1.25.7−0.91.3−0.5−3.8−2.8
    Myanmar1.3−0.79.75.96.87.27.07.07.0
    Nepal4.44.63.37.92.95.43.84.54.5
    Pakistan6.05.57.81.93.95.24.7−0.45.4
    Papua New Guinea1.59.511.816.64.4−2.93.5−5.43.8
    Philippines1.7−0.60.32.14.44.75.85.2−0.5
    Samoa12.9−2.44.11.7−0.16.86.11.61.2
    Solomon Islands1.23.09.52.05.27.70.6−0.51.0
    Sri Lanka4.34.64.36.95.65.53.86.45.0
    Thailand7.98.18.28.58.68.85.5−0.4−8.0
    Tonga1.66.40.33.75.04.8−1.4−4.4−1.5
    Vanuatu2.84.3−0.74.51.33.83.52.72.1
    Vietnam5.96.08.68.18.89.59.38.83.5
    Middle East and Europe3.02.77.04.00.63.74.74.42.9
    Bahrain2.14.67.88.32.42.13.13.12.1
    Cyprus6.20.49.70.75.85.62.02.34.7
    Egypt5.9−3.23.31.62.93.04.35.05.3
    Iran, Islamic Republic of3.110.66.12.10.92.95.53.01.7
    Iraq−3.0−62.929.2−6.710.012.0
    Jordan1.81.816.14.68.55.90.82.20.5
    Kuwait−2.7−41.077.434.28.41.02.12.52.2
    Lebanon−5.838.24.57.08.06.54.04.05.0
    Libya−1.212.0−4.20.1−0.9−1.12.02.62.6
    Malta3.95.96.74.03.19.24.13.74.1
    Oman8.66.08.56.13.84.83.53.63.6
    Qatar−1.9−0.49.3−0.42.3−1.110.015.511.5
    Saudi Arabia1.68.42.80.60.50.51.41.91.2
    Syrian Arab Republic2.27.110.65.94.94.63.61.94.3
    Turkey5.20.85.07.7−4.78.16.97.62.8
    United Arab Emirates0.60.22.7−0.92.26.110.12.1−5.6
    Yemen, Republic of0.34.42.9−0.58.65.65.22.7
    Western Hemisphere1.63.93.33.95.21.33.65.22.3
    Antigua and Barbuda6.72.70.45.56.2−5.05.13.33.8
    Argentina−1.210.510.36.38.5−5.84.88.64.2
    Bahamas, The2.8−2.7−2.01.70.90.34.23.02.2
    Barbados0.9−3.9−5.70.84.02.94.13.04.9
    Belize4.83.110.23.31.83.32.03.53.1
    Bolivia0.15.31.64.34.74.74.74.24.7
    Brazil1.51.0−0.54.95.94.22.83.20.2
    Chile3.18.012.37.05.710.67.47.13.3
    Colombia3.42.04.05.45.85.82.13.10.2
    Costa Rica2.82.37.76.34.52.4−0.63.76.2
    Dominica5.40.72.10.81.81.43.31.82.5
    Dominican Republic2.41.08.03.04.34.87.38.17.0
    Ecuador2.15.03.62.04.42.41.93.50.2
    El Salvador0.13.67.47.46.06.32.04.04.0
    Grenada5.63.61.1−1.23.33.13.53.63.6
    Guatemala0.93.74.83.94.04.93.04.14.9
    Guyana−2.56.07.88.28.55.07.96.2−1.5
    Haiti−0.54.8−13.2−2.4−8.34.42.71.13.0
    Honduras2.43.35.66.2−1.44.33.74.95.0
    Jamaica3.10.81.81.31.0−1.9−2.4−1.9
    Mexico1.94.23.62.04.4−6.25.27.04.9
    Netherlands Antilles0.11.83.70.32.4−2.43.03.0
    Nicaragua−1.4−0.20.4−0.23.34.24.54.55.0
    Panama1.49.48.25.52.91.82.44.44.0
    Paraguay2.82.51.84.13.14.71.33.53.5
    Peru−0.82.9−1.66.413.17.32.57.21.5
    St. Kilts and Nevis5.83.93.57.04.83.96.37.03.8
    St. Lucia6.82.37.12.12.24.13.73.53.6
    St. Vincent and the Grenadines6.40.67.50.2−2.47.61.62.14.0
    Suriname−0.82.94.0−9.5−5.47.16.75.61.9
    Trinidad and Tobago−2.92.7−1.7−1.43.63.83.53.26.0
    Uruguay0.53.27.93.06.3−1.85.35.14.5
    Venezuela0.99.76.10.3−2.44.0−0.25.9−0.4

    For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

    Table 7.Countries in Transition: Real GDP1(Annual percent change)
    Average
    1981–9019911992199319941995199619971998
    Central and eastern Europe−9.9−8.5−3.7−2.91.61.63.12.4
    Albania1.2−28.0−7.29.69.48.99.1−7.08.0
    Belarus−1.2−9.7−7.0−13.2−10.42.811.48.3
    Bulgaria2.1−11.7−7.3−1.51.82.1−10.9−6.94.0
    Croatia−8.05.96.86.06.52.4
    Czech Republic0.62.76.43.91.0−2.2
    Czechoslovakia, former2.1−15.9−8.5
    Estonia−7.9−21.6−8.2−1.84.34.011.44.0
    Hungary1.1−11.9−3.1−0.62.91.51.34.65.0
    Latvia−11.1−35.2−16.12.10.33.36.53.8
    Lithuania−5.7−21.3−16.2−9.83.34.76.14.4
    Macedonia, former Yugoslav Rep. of−9.1−1.81.80.81.55.0
    Moldova−17.5−29.7−1.2−31.2−1.4−7.81.3−5.0
    Poland−0.2−7.02.63.85.27.06.16.94.8
    Romania0.6−12.9−8.81.53.96.93.9−6.6−5.5
    Slovak Republic−3.74.96.96.66.54.4
    Slovenia2.85.34.13.13.83.9
    Ukraine−10.6−17.0−14.2−22.9−12.2−10.0−3.0−1.7
    Yugoslavia, former−0.3−17.0−34.0
    Russia−5.0−14.5−8.7−12.6−4.1−3.50.8−4.8
    Transcaucasus and central Asia−7.0−14.4−9.6−10.4−4.41.62.42.0
    Armenia−12.4−52.6−14.15.46.95.83.15.5
    Azerbaijan−0.7−22.7−23.1−19.7−11.81.35.810.0
    Georgia−20-6−44.8−25.4−11.42.410.511.04.0
    Kazakhstan−11.0−5.3−9.2−12.6−8.20.51.7−2.5
    Kyrgyz Republic−7.8−13.9−15.5−20.1−5.47.19.92.0
    Mongolia5.3−9.2−9.5−3.02.36.32.64.03.5
    Tajikistan−7.1−28.9−11.1−21.4−12.5−4.41.75.3
    Turkmenistan−4.7−5.3−10.0−18.8−8.2−7.7−25.94.5
    Uzbekistan−0.5−11.1−2.3−4.2−0.91.62.42.8

    Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises or of the informal economy is not fully reflected in the recent figures,

    Inflation

    Table 8.Summary of Inflation(Percent)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    GDP deflators
    Advanced economics5.52.24.53.32.82.22.21.71.61.41.11.5
    United Stales4.52.24.02.82.62.42.31.91.91.01.12.0
    European Union6.62.85.54.43.62.62.82.51.71.81.61.6
    Japan1.90.32.71.70.60.2−0.6−1.40.10.3−0.5−0.3
    Other advanced economies10.02.85.53.53.52.93.12.82.02.41.11.4
    Consumer prices
    Advanced economies5.62.54.73.53.12.62.52.42.11.61.41.7
    United States4.72.74.23.03.02.62.82.92.31.62.12.4
    European Union6.32.85.14.53.83.02.92.51.91.51.31.6
    Japan2.10.93.31.71.20.7−0.10.11.70.6−0.2−0.2
    Other advanced economies10.23.26.54.13.53.33.63.32.62.71.31.6
    Developing countries39.023.636.538.947.251.822.214.39.410.48.87.5
    Regional groups
    Africa15.121.424.632.530.637.233.225.911.18.68.66.6
    Asia7.18.58.37.610.715.912.88.34.88.04.74.5
    Middle East and Europe19.225.527.525.524.731.936.024.723.123.819.719.4
    Western Hemisphere145.464.2128.6151.0209.0208.935.920.813.910.514.69.9
    Analytical groups
    By source of export earnings
    Fuel13.322.421.322.826.132.042.130.415.314.612.810.0
    Nonfuel43.823.938.741.350.154.420.112.68.79.98.47.2
    By external financing source
    Net creditor countries2.33.16.13.24.23.45.02.41.31.22.31.9
    Net debtor countries40.624.437.740.448.953.722.814.79.610.69.07.6
    Official financing18.316.725.622.422.527.222.116.410.18.68.16.4
    Private financing60.830.749.756.571.978.326.615.710.27.68.47.6
    Diversified financing10.012.316.412.510.511.613.311.27.720.711.28.1
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during 1993–9784.465.4111.3152.7217.4235.442.721.912.610.213.99.5
    Other net debtor countries23.712.015.712.012.917.116.612.48.610.87.67.0
    Countries in transition11.5122.194.1646.4602.0266.9126.940.628.220.840.912.4
    Central and eastern Europe82.594.9277.0356.5152.574.532.036.817.719.98.9
    Excluding Belarus and Ukraine40.797.9102.280.345.225.023.238.815.19.77.4
    Russia164.892.71,353.0895.9302.0190.147.814.727.7100.520.2
    Transcaucasus and central Asia197.297.0938.21,224.01.671.8250.264.136.515.313.59.2
    Memorandum
    Median inflation rate
    Advanced economies6.32.44.03.23.02.42.42.11.81.71.51.7
    Developing countries9.47.911.89.99.310.710.07.16.35.24.64.0
    Countries in transition1.9165.5101.4839.6472.3131.646.024.114.910.08.86.1
    Table 9.Advanced Economies: GDP Deflators and Consumer Prices(Annual percent change)
    Ten-Year AveragesFourth Quarter2
    1981–901991–20001991199219931994199519961997199819992000199819992000
    GDP deflators
    Advanced economies5.52.24.53.32.82.22.21.71.61.41.11.5
    Major industrial countries4.72.04.13.02.51.91.91.51.41.00.91.40.91.11.6
    United States4.52.24.02.82.62.42.31.91.91.01.12.00.91.42.2
    Japan1.90.32.71.70.60.2−0.6−1.40.10.3−0.5−0.3−0.4−0.1
    Germany22.82.23.95.64.02.42.21.00.60.90.81.10.91.01.4
    France6.31.6.3.32.12.51.51.61.20.90.81.00.80.90.90.7
    Italy10.53.97.74.74.43.54.25.22.62.92.01.72.61.2.2.2
    United Kingdom6.42.96.74.02.81.52.53.32.62.31.62.12.83.12.3
    Canada5.01.32.71.31.51.12.41.50.7−0.40.51.4−0.61.01.5
    Other advanced economies9.63.36.34.74.13.53.42.82.32.81.81.7
    Spain9.33.97.16.94.34.04.83.22.02.22.42.3
    Netherlands2.02.22.72.31.92.31.71.72.02.02.72.5
    Belgium4.52.23.13.74.02.31.51.61.41.91.51.4
    Sweden7.82.27.91.02.62.53.71.01.20.80.81.1
    Austria3.92.33.74.32.82.82.31.71.61.01.41.1
    Denmark5.91.82.52.20.51.41.42.21.81.42.52.3
    Finland7.11.92.60.72.41.32.40.82.22.32.41.3
    Greece18.29.319.814.814.511.29.87.96.95.02.42.3
    Portugal17.95.512.310.67.16.14.82.63.14.13.12.2
    Ireland7.02.31.72.54.41.20.41.72.34.12.82.1
    Luxembourg3.42.12.22.90.95.51.0−0.42.42.32.31.8
    Switzerland3.91.76.02.72.71.61.10.40.50.91.2
    Norway6.21.92.4−0.42.1−0.23.14.12.8−0.53.03.0
    Israel92.710.121.212.211.612.78.611.39.05.08.22.6
    Iceland32.93.77.83.62.52.02.71.93.45.94.03.4
    Korea7.14.910.16.15.15.55.63.42.48.80.31.7
    Australia7.51.62.71.41.80.52.22.01.21.11.71.8
    Taiwan Province of China3.02.53.83.93.51.91.92.71.91.92.11.0
    Hong Kong SAR8.14.89.29.78.56.92.65.97.11.1−2.0−0.1
    Singapore3.01.63.70.95.53.80.51.21.4−1.50.30.5
    New Zealand10.21.51.01.72.61.62.61.90.11.30.71.5
    Memorandum
    Industrial countries5.12.14.33.12.62.02.11.61.51.21.11.5
    European Union6.62.85.54.43.62.62.82.51.71.81.61.6
    Euro area6.42.74.94.43.72.72.72.21.51.71.51.4
    Newly industrialized Asian economies5.73.97.65.65.14.43.73.42.84.80.61.1
    Consumer prices
    Advanced economies5.62.54.73.53.12.62.52.42.11.61.41.7
    Major industrial countries4.82.34.33.22.82.22.32.22.01.31.41.71.21.41.8
    United States4.72.74.23.03.02.62.82.92.31.62.12.41.52.32.5
    Japan2.10.93.31.71.20.7−0.10.11.70.6−0.2−0.20.5−1.00.3
    Germany2,32.62.33.55.14.42.71.81.51.80.90.61.00.60.81.0
    France6.31.73.22.42.11.71.82.01.20.70.51.10.30.91.2
    Italy9.83.66.35.34.64.15.23.91.71.81.31.51.61.31.7
    United Kingdom46.13.36.84.73.02.42.82.92.82.72.72.42.62.42.3
    Canada5.91.85.61.51.80.22.21.61.41.01.21.61.11.41.6
    Other advanced economies9.33.46.34.94.14.13.73.22.52.51.51.7
    Memorandum
    Industrial countries5.12.44.33.42.92.32.42.32.01.41.41.7
    European Union6.32.85.14.33.83.02.92.51.91.51.31.6
    Euro area6.22.64.44.43.83.02.92.41.71.31.01.4
    Newly industrialized Asian economics5.34.27.55.94.65.64.64.33.44.40.81.4

    From fourth quarter of preceding year.

    Data through 1991 apply to west Germany only.

    Based on the revised consumer price index for united Germany introduced in September 1995.

    Retail price index excluding mortgage interest.

    Table 10.Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing(Annual percent change)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    Hourly earnings
    Advanced economies7.03.86.05.84.03.43.33.33.72.92.42.9
    Major industrial countries6.13.45.35.33.62.82.92.83.63.02.32.8
    United States5.03.65.34.33.02.82.42.14.24.53.63.8
    Japan4.02.15.94.62.62.72.51.73.21.0−2.3−0.5
    Germany14.83.6−0.39.66.71.94.14.31.11.73.53.5
    France7.83.15.24.83.93.71.62.63.21.91.82.4
    ltaly12.74.49.77.25.02.25.55.55.3−0.52.52.3
    United Kingdom10.35.18.26.74.64.74.54.44.45.14.14.1
    Canada5.72.34.73.52.11.61.43.20.91.51.42.9
    Other advanced economies11.55.18.98.15.86.05.25.44.02.32.53.2
    Memorandum
    Industrial countries6.53.65.65.43.73.03.02.93.53.12.52.9
    European Union8.64.25.87.25.33.44.04.03.32.43.23.2
    Euro area8.13.95.27.35.42.93.73.72.91.72.93.0
    Newly industrialized Asian economies12.37.014.914.09.211.37.810.05.5−1.4−1.11.8
    Productivity
    Advanced economies3.33.02.33.02.24.93.93.14.42.31.91.6
    Major industrial countries3.22.92.33.01.94.53.83.24.62.31.91.5
    United States2.73.52.25.12.23.03.94.04.94.23.41.8
    Japan2.90.51.5−3.7−0.73.44.83.74.9−4.1−2.9−0.9
    Germany12.94.45.31.02.88.54.25.26.94.82.53.5
    France3.93.91.24.40.49.03.92.96.44.62.73.4
    Italy3.92.61.33.91.96.05.9−0.42.81.41.62.1
    United Kingdom5.61.92.96.35.04.80.7−0.91.10.2−0.3
    Canada2.51.80.64.34.22.60.20.4−0.22.03.60.9
    Other advanced economies3.63.42.72.83.66.64.33.03.92.32.12.2
    Memorandum
    Industrial countries3.22.92.12.92.14.83.73.04.42.31.81.5
    European Union3.93.32.53.33.07.53.82.04.22.91.82.1
    Euro area3.63.52.52.62.58.04.42.54.93.42.12.6
    Newly industrialized Asian economies8.05.27.84.23.46.48.06.66.12.23.53.8
    Unit labor costs
    Advanced economies3.70.83.02.81.8−1.4−0.60.1−0.70.60.41.2
    Major industrial countries2.80.63.02.41.7−1.5−0.9−0.3−0.90.70.51.3
    United States2.20.13.0−0.707−0.2−1.4−1.8−0.70.30.21.9
    Japan1.01.64.38.63.3−0.7−2.2−1.9−1.65.40.60.4
    Germany11.9−0.8−5.38.53.9−6.0−0.1−0.8−5.4−3.01.0
    France3.7−0.74.00.33.6−4.9−2.3−0.3−3.0−2.6−0.9−1.0
    Italy8.51.88.33.23.0−3.6−0.35.92.4−1.90.90.2
    United Kingdom4.53.15.20.4−0.43.85.43.34.94.14.4
    Canada3.10.54.1−0.8−2.0−1.01.32.71.2−0.5−2.12.0
    Other advanced economies7.71.55.84.72.1−0.60.52.1−0.10.20.8
    Memorandum
    Industrial countries3.20.73.42.61.6−1.7−0.7−0.70.80.71.4
    European Union4.60.93.33.92.2−3.80.32.0−0.8−0.41.41.1
    Euro area4.40.42.74.62.9−4.7−0.6L.3−1.9−1.60.80.4
    Newly industrialized Asian economies3.31.05.57.24.53.1−1.22.2−0.8−3.4−4.2−2.0

    Data through 1991 apply to west Germany only.

    Table 11.Developing Countries: Consumer Prices(Annual percent change)
    Ten-Year Averages
    1981–901991–20001991199219931994199519961997199819992000
    Developing countries39.031.136.538.947.251.822.214.39.410.48.87.5
    Regional groups
    Africa15.118.224.632.530.637.233.225.911.18.68.66.6
    Sub-Sahara17.721.527.538.338.246.439.532.313.710.210.07.3
    Excluding Nigeria and
    South Africa18.524.637.746.644.560.143.143.717.311.210.17.5
    Asia7.17.88.37.610.715.912.88.34.88.04.74.5
    Excluding China and India5.87.711.06.87.87.98.67.66.822.611.57.2
    Middle East and Europe19.222.327.525.524.731.936.024.723.123.819.719.4
    Western Hemisphere145.4100.7128.6151.0209.0208.935.920.813.910.514.69.9
    Analytical groups
    By source of export earnings
    Fuel13.317.821.322.826.132.042.130.415.314.612.810.0
    Manufactures46.236.742.458.379.585.919.58.64.93.44.44.5
    Nonfuel primary products59.842.082.443.834.337.224.222.112.69.37.65.8
    Services, income, and private transfers17.213.921.419.313.313.912.89.16.14.54.54.1
    Diversified41.330.029.018.916.016.521.619.816.626.318.714.4
    By external financing source
    Net creditor countries2.32.76.13.24.23.45.02.41.31.22.31.9
    Net debtor countries40.632.337.740.448.953.722.814.79.610.69.07.6
    Official financing18.317.525.622.422.527.222.116.410.18.68.16.4
    Private financing60.845.049.756.571.978.326.615.710.27.68.47.6
    Diversified financing10.011.116.412.510.511.613.311.27.720.711.28.1
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during 1993–9784.474.6111.3152.7217.4235.442.721.912.610.213.99.5
    Other net debtor countries23.717.715.712.012.917.116.612.48.610.87.67.0
    Other groups
    Heavily indebted poor countries28.930.252.246.044.157.142.841.016.111.69.77.3
    Least developed countries18.620.539.636.930.139.425.022.211.610.59.06.9
    Middle East and north Africa12.913.420.318.216.218.723.013.68.68.57.56.1
    Memorandum
    Median
    Developing countries9.47.911.89.99310.710.07.16.35.24.64.0
    Regional groups
    Africa10.09.710.510.19.524.812.37.77.15.84.54.6
    Asia8.27.811.98.97.97.98.17.66.77.86.24.8
    Middle East and Europe6.35.09.06.95.04.75.06.53.63.33.33.2
    Western Hemisphere13.59.222.712.110.78.310.27.17.24.85.04.2
    Table 12.Developing Countries—by Country: Consumer Prices1(Annual percent change)
    Average
    1981–9019911992199319941995199619971998
    Africa15.124.632.530.637.233.225.911.18.6
    Algeria9.725.931.720.529.029.818.76.86.2
    Angola1.883.6299.11,379.5949.82.671.64,147.0111.277.7
    Benin1.32.15.90.538.614.94.73.85.8
    Botswana13.511.816.214.310.510.510.18.86.5
    Burkina Faso3.72.2−2.01.024.77.86.12.32.5
    Burundi7.69.04.59.114.719.426.431.117.0
    Cameroon7.0−0.61.9−3.712.725.86.65.22.8
    Cape Verde12.08.07.05.94.37.74.83.03.0
    Central African Republic4.5−2.8−0.8−2.924.519.24.40.61.8
    Chad3.84.2−3.8−7.041.39.511.35.64.5
    Comoros3.21.7−1.42.025.37.11.41.01.0
    Congo. Dem. Rep. of60.92,154.44,129.21,893.123,760.5541.8616.8198.525.0
    Congo. Rep. of6.6−1.6−3.94.942.98.610.28.34.8
    Côte d’Ivoire4.91.64.22.126.014.32.75.64.5
    Djibouti4.66.83.44.46.54.94.22.62.0
    Equatorial Guinea18.40.91.01.638.911.46.03.03.0
    Eritrea4.611.610.79.31.38.3
    Ethiopia4.320.921.010.01.213.40.9−6.42.5
    Gabon5.53.3−10.80.636.110.04.52.52.0
    Gambia, The17.19.112.05.94.04.04.82.13.8
    Ghana43.018.010.124.924.959.545.628.817.7
    Guinea31.219.616.66.74.55.62.91.95.1
    Guinea-Bissau54.357.669.448.215.245.450.749.13.1
    Kenya11.219.627.345.928.81.59.011.26.6
    Lesotho14.017.917.013.87.29.99.18.57.3
    Liberia
    MadagascarI7.68.515.39.239.149.019.84.56.2
    Malawi16.18.223.222.834.783.137.79.127.4
    Mali2.11.5−5.9−0.624.812.46.4−0.64.2
    Mauritania8.44.110.29.34.16.05.24.58.0
    Mauritius9.212.82.98.99.46.15.87.95.3
    Morocco7.29.05.75.25.16.13.01.02.7
    Mozambique, Rep, of41.533.345.142.363.154.444.66.40.6
    Namibia12.911.917.78.510.810.08.08.87.4
    Niger2.8−1.9−1.7−0.435.610.95.32.94.5
    Nigeria19.513.044.657.257.072.829.38.510.2
    Rwanda4.319.69.512.564.022.08.911.76.8
    Sôo Tomé and Príncipe17.846.533.725.551.236.835.571.342.3
    Senegal5.8−1.7−0.1−0.632.18.52.81.81.5
    Seychelles3.02.03.21.31.8−0.3−1.10.61.0
    Sierra Leone67.9102.765.517.618.429.823.114.937.4
    Somalia
    South Africa14.715.213.99.79.08.67.48.67.0
    Sudan13.6123.6117.6101.3115.568.4132.846.717.0
    Swaziland13.011.08.111.213.912.36.47.28.0
    Tanzania30.528.021.923.637.126.521.016.112.6
    Togo3.70.21.6−0.135.313.94.67.11.0
    Tunisia8.38.25.84.04.66.33.83.73.6
    Uganda109.220.842.230.06.56.17.57.85.8
    Zambia45.597.7165.7183.354.634.943.124.424.5
    Zimbabwe13.923.342.127.622.322.621.419.031.5
    Asia7.18.37.610.715.912.88.34.88.0
    Afghanistan. Islamic Slate of32.1166.058.234.020.014.014.014.014.0
    Bangladesh10.36.33.53.16.37.74.54.87.9
    Bhutan9.113.316.08.98.110.77.07.07.0
    Brunei Darussalam1.61.34.32.46.02.01.7
    Cambodia197.075.0114.5−0.57.77.28.014.8
    China6.93.66.414.724.316.78.42.8−0.8
    Fiji7.16.18.26.54.95.20.62.2
    India8.913.911.86.410.210.29.07.213.0
    Indonesia8.69.47.59.78.59.47.96.660.7
    Kiribati5.55.74.06.15.23.6−0.64.03.0
    Lao P.D. Republic43.113.49.86.36.819.413.019.381.0
    Malaysia3.22.64.73.53.73.43.52.75.3
    Maldives4.814.716.820.13.45.56.27.25.0
    Marshall Islands4.010.35.05.68.39.64.84.0
    Micronesia, Fed, States of4.05.06.04.04.04.03.03.0
    Myanmar12.329.122.333.622.428.920.010.010.0
    Nepal8.421.08.98.97.68.19.07.57.0
    Pakistan6.911.63.69.811.312.410.312.57.8
    Papua New Guinea5.87.04.35.02.917.311.63.913.5
    Philippines−9.218.79.07.69.18.18.46.09.7
    Samoa6.4−1.89.01.712.1−2.95.46.92.2
    Solomon Islands11.810.89.29.213.39.612.18.18.0
    Sri Lanka12.212.211.411.78.47.715.99.65.0
    Thailand4.45.74.13.45.15.85.95.68.1
    Tonga10.413.58.73.12.40.32.81.82.9
    Vanuatu8.26.54.13.62.32.20.92.85.0
    Vietnam130.784.437.88.39.417.05.83.277
    Middle East and Europe19.227.525.524.731.936.024.723.123.8
    Bahrain1.91.02.10.43.1−0.21.00.1
    Cyprus4.95.06.54.94.72.63.03.63.3
    Egypt17.419.521.111.29.09.47.06.23.8
    Iran, Islamic Republic of18.420.724.422.935.249.423.117.322.0
    Iraq21.5263.812.868.044.7208.434.545.045.0
    Jordan7.38.24.03.33.52.46.53.05.0
    Kuwait3.89.1−0.50.42.52.73.60.70.5
    Lebanon76.150.199.824.78.010.68.98.58.0
    Libya7.511.718.023.017.010.07.06.05.0
    Malta2.22.61.84.04.14.02.43.12.5
    Oman1.84.61.01.1−0.7−1.10.3−0.21.5
    Qatar3.64.43.1−0.91.33.02.52.62.6
    Saudi Arabia−0.24.6−0.40.80.65.00.9−0.4−0.2
    Syrian Arab Republic21.79.011.013.215.37.78.91.91.0
    Turkey45.666.070.166.1106.393.782.385.784.6
    United Arab Emirates4.25.56.95.03.94.43.64.43.1
    Yemen, Republic of44.950.662.371.862.527.36.39.0
    Western Hemisphere145.4128.6151.0209.0208.935.920.813.910.5
    Antigua and Barbuda4.44.63.03.13.52.73.51.21.2
    Argentina437.2171.724.910.64.23.40.20.80.9
    Bahamas. The5.57.15.72.71.32.11.41.21.8
    Barbados5.76.36.01.2−0.12.42.47.7−1.2
    Belize4.13.22.41.42.52.96.31.0
    Bolivia222.721.412.18.57.910.212.44.76.5
    Brazil339.9413.3991.42.103.32.123.759.611.17.93.5
    Chile20.321.815.412.711.48.27.46.15.1
    Colombia23.630.327.122.522.820.920.818.518.7
    Costa Rica25.028.721.89.813.523.217.513.211.6
    Dominica4.75.65.31.61.31.72.40.9
    Dominican Republic24.847.14.35.38.312.55.48.34.8
    Ecuador36.148.854.645.027.322.724.430.636.1
    El Salvador19.014.411.218.510.610.19.84.62.5
    Grenada5.12.63.82.82.62.22.81.12.5
    Guatemala12.735.110.213.412.58.411.09.2725
    Guyana30.9101.528.212.012.412.27.13.64.6
    Haiti7.819.021.318.837.430.221.916.210.0
    Honduras8.034.08.810.721.729.523.820.213.0
    Jamaica17.568.657.524.333.221.721.58.87.3
    Mexico65.122.715.59.87.035.034.420.616.7
    Netherlands Antilles3.73.81.51.91.92.73.53.53.5
    Nicaragua559.37.755.340.520.47.711.26.85.75.0
    Panama1.81.41.80.51.30.91.31.30.6
    Paraguay21.724.215.218.220.513.49.88.37.0
    Peru332.1409.573.548.623.711.111.58.57.3
    St. Kitts and Nevis3.24.22.91.81.43.02.08.93.6
    St. Lucia3.96.25.60.81.65.93.33.02.7
    St. Vincent and the Grenadines5.15.93.84.20.42.44.40.51.7
    Suriname12.826.043.7143.4368.5235.5−0.87.220.8
    Trinidad and Tobago11.23.86.513.13.75.33.33.74.0
    Uruguay60.6101.868.554.244.742.228.319.810.8
    Venezuela23.334.231.438.160.859.999.950.035.8

    For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

    Table 13.Countries in Transition: Consumer Prices1(Annual percent change)
    Average
    1981–9019911992199319941995199619971998
    Central and eastern Europe94.9277.0356.5152.574.532.036.817.7
    Albania35.8225.285.022.67.812.733.220.7
    Belarus83.5969.01,188.02,200.0709.053.064.073.2
    Bulgaria4.8333.582.072.896.062.1123.01,082.222.3
    Croatia1,517.597.62.03.53.65.7
    Czech Republic20.810.09.18.88.410.7
    Czechoslovakia, former2.359.011.0
    Estonia210.61.069.089.047.728.923.111.28.2
    Hungary10.734.822.822.418.828.323.518.314.2
    Latvia124.4951.3109.135.825.117.68.44.7
    Lithuania224.71.021.0410.472.139.524.78.85.1
    Macedonia, former Yugoslav Rep. of338.6126.416.22.11.50.6
    Moldova162.01.276.0788.5329.630.223.511.86.9
    Poland71.870.343.035.332.227.919.915.111.7
    Romania11.6161.1210.4256.1136.732.338.8154.859.2
    Slovak Republic23.013.49.95.86.16.7
    Slovenia32.319.812.69.79.17.9
    Ukraine91.21,210.04,734.9891.2376.480.215.910.6
    Yugoslavia, former144.9117.46,146.6
    Russia92.71,35.1.0895.9302.0190.147.814.727.7
    Transcaucasus and central Asia97.0938.21,224.01,671.8250.264.136.515.3
    Armenia100.3824.53,731.85,273.4176.718.714.08.7
    Azerbaijan105.6912.61,129.71.664.4411.719.83.7−0.8
    Georgia78.5887.43,125.415,606.5162.739.47.13.6
    Kazakhstan91.01,515.71,662.31,879.9176.339.117.47.3
    Kyrgyz Republic85.0854.6772.4228.752.530.425.512.0
    Mongolia0.220.2202.6268.487.656.846.736.89.4
    Tajikistan111.61,156.72.194.9350.4610.0418.088.043.2
    Turkmenistan102.5492.93,102.41,748.31,005.3992.483.716.8
    Uzbekistan104.7626.9534.21,568.3304.654.070.929.0

    For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.

    Financial Policies

    Table 14.Summary Financial Indicators(Percent)
    1991199219931994199519961997199819992000
    Advanced economies
    Central government fiscal balance1
    Advanced economies−3.0−4.0−4.2−3.6−3.3−2.6−1.3−1.1−1.2−0.9
    United States−3.5−4.7−3.9−2.7−2.3−1.4−0.10.70.91.3
    European Union−3.8−4.8−6.0−5.3−4.8−4.0−2.2−1.7−1.7−1.6
    Euro area−4.0−4.2−5.2−4.8−4.5−3.8−2.3−2.1−1.9−1.7
    Japan−0.2−1.7−2.7−3.5−4.0−4.3−4.0−5.1−6.0−5.9
    Other advanced economies−2.0−2.2−1.9−1.3−0.8−0.11.0−0.4−1.0−0.8
    General government fiscal balance1
    Advanced economies−2.7−3.6−4.1−3.4−3.2−2.4−1.0−0.9−1.3−1.0
    United States−3.3−4.4−3.6−2.3−1.9−0.90.41.21.41.8
    European Union−4.3−5.1−6.3−5.7−5.3−4.2−2.3−1.6−1.7−1.4
    Euro area−4.6−4.7−5.7−5.3−5.1−4.2−2.5−2.1−2.1−1.6
    Japan2.91.5−1.6−2.3−3.6−4.2−3.3−5.3−7.9−8.2
    Other advanced economics−2.5−2.8−2.2−1.4−0.81.2−0.5−0.9−0.7
    General government structural balance2
    Advanced economies−2.8−3.1−3.0−2.5−2.5−1.9−0.6−0.4−0.6−0.3
    Growth of broad money
    Advanced economies4.53.13.92.44.44.95.06.7
    United Slates3.11.81.30.63.94.65.88.5
    Euro area6.25.05.81.93.54.64.75.7
    Japan2.3−0.22.22.83.32.93.93.6
    Other advanced economies8.88.17.99.18.28.56.19.6
    Short-term interest rates3
    United States5.43.43.04.25.55.05.14.84.64.6
    Japan7.04.12.71.91.00.30.30.20.20.3
    Euro area10.511.18.66.36.14.64.13.93.03.1
    LIBOR6.13.93.45.16.15.65.95.65.25.2
    Developing countries
    Central government fiscal balance1
    Weighted average−3.4−2.9−3.1−2.7−2.4−2.2−2.3−3.6−3.7−2.5
    Median−3.8−3.7−4.0−3.8−3.3−2.8−2.5−3.3−3.0−2.5
    General government fiscal balance1
    Weighted average−3.7−3.4−3.5−3.2−3.0−2.7−2.6−3.9−4.0−2.8
    Median−3.7−3.7−4.0−3.7−3.3−2.9−2.5−3.0−2.7−2.4
    Growth of broad money
    Weighted average72.984.591.269.724.522.618.517.915.115.2
    Median18.617.616.418.516.614.114.710.810.010.0
    Countries in transition
    Central government fiscal balance1−9.4−9.8−5.9−7.3−4.1−4.1−4.5−3.8−2.8−1.8
    General government fiscal balance1−9.6−14.0−6.7−7.1−4.5−5.6−5.0−4.7−3.3−2.2
    Growth of broad money100.8429.3451.2184.972.031.127.215.424.719.5

    In percent of GDP.

    In percent of potential GDP.

    For the United Slates, three-month treasury bills; for Japan, three-month certificates of deposit; for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.

    Table 15.Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1(Percent of GDP)
    1991199219931994199519961997199819992000
    General government fiscal balance
    Advanced economies−2.7−3.6−4.1−3.4−3.2−2.4−1.0−0.9-1.3-1.0
    Major industrial countries−2.7−3.8−4.2−3.5−3.4−2.7−1.2−0.9−1.2−1.0
    United States−3.3−4.4−3.6−2.3−1.9−0.90.41.21.41.8
    Japan2.91.5−1.6−2.3−3.6−4.2−3.3−5.3−7.9−8.2
    Germany−3.1−2.6−3.2−2.4−3.3−3.4−2.7−2.0−2.2−1.7
    France2−2.2−3.8−5.8−5.7−4.9−4.2−3.0−2.9−2.4−1.9
    Italy−10.1−9.6−9.5−9.2−7.8−6.6−2.7−2.7−2.7−2.5
    United Kingdom3−2.5−6.2−7.8−6.8−5.5−4.5−1.9−0.1−1.0−1.4
    Canada−7.2−8.0−7.6