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Ms. Naheed Kirmani, Mr. Lorenzo L. Pérez, Mr. Shailendra J. Anjaria, and Mr. Zubair Iqbal

growth of production. In the period since 1973, global trade volumes have been erratic, the growth of trade has slowed considerably, and the pace of integration has stabilized. Between 1963 and 1973, world output (excluding construction and services) rose by 6 per cent annually, while the volume of world exports increased by 8½ per cent annually. During 1974–80, when world output growth fell by half to only 3 per cent, the world export expansion rate also halved to some 4 per cent. By 1981, when output grew by only 1 per cent, world trade stagnated. Export performance