December 7, 1999 — Global Economic Prospects and the Developing Countries 2000 reviews the recovery from the East Asian financial crisis and the prospects for developing countries; traces the impact of the crisis on poverty; analyzes the difficulties facing businesses and financial institutions in countries hard hit by the crisis; and discusses the implications of the recent volatility in commodity prices, in part caused by the crisis, for commodity-dependent economies.
The financial crisis highlighted how globalization, especially financial integration, exposes developing countries to external shocks that can increase poverty. The crisis led to a significant rise in income poverty and engendered costly, large reallocations of people and sharp declines in middle-class standards of living. The crisis also reduced real public expenditures on education and health, with some countries experiencing significant declines in poor households’ access to both health and education services.
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Summary: English | Español | Français
Chapter 1 Prospects for Growth and Poverty Reduction in Developing Countries
Chapter 2 External Schocks, Financial Crises, and Poverty in Developing Countries
Chapter 3 Asian Restructuring: From Cyclical Recovery to Sustainable Growth
Chapter 4 Managing the Recent Commodity Price Cycle
Regional Economic Prospects: Full text
East Asia and the Pacific: Summary
Europe and Central Asia: Summary
Latin America and the Caribbean: Summary
Middle East and North Africa: Summary
South Asia: Summary
Sub-Saharan Africa: Summary
Global Economic Indicators