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Abstract
In 1995, world economic growth weakened slightly to 3½ percent, which is marginally below both its long-term trend rate and the projection published in the October 1995 World Economic Outlook (see Table 1). This slight change in overall growth performance, however, masks a significant slowing of growth in the industrial countries and among the developing countries of the Western Hemisphere, and improved performance in Africa (especially the CFA countries), the Middle East, and the countries in transition.5 Among the industrial countries, the slowdown in activity during 1995 was particularly marked in Germany, France, and a number of other countries in western Europe, while the poorer performance in the developing countries of the Western Hemisphere is essentially accounted for by output declines in Mexico. Argentina, and Uruguay. In the Asian developing countries, growth remained rapid although it moderated slightly, allaying concerns about overheating in some countries. Inflation remained low in industrial countries and declined significantly in developing countries and countries in transition. World trade again grew at more than double the rate of world output.
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