Abstract

The outlook for global growth in 1993 and 1994 is little changed from the projections presented in the May 1993 World Economic Outlook (Table 2). Weaker-than-expected activity in the industrial countries is offset by stronger growth in the developing countries in Asia, the Western Hemisphere, and, in 1994, in the Middle East and Europe. Inflation is expected to slow to 2¾ percent in the industrial countries, and to moderate significantly in the nonindustrial countries as a group. Economic recovery in some of the central European countries in transition provides encouraging evidence of the progress that can be achieved with sustained stabilization and reform efforts.