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    World Economy - 1989

      Overview: In 1988 the world economy grew at an estimated 3.4%, nearly double the average annual rate of 1.8% in the period 1986-87. This growth was dominated by the technologically advanced countries--the United States, Japan, and those of Western Europe--which together account for three-fifths of the gross world product (GWP) of $18.5 trillion; these countries, led by Japan, grew in the aggregate at about 4.0%. In contrast, the Soviet Union grew at 1.5% and Eastern Europe (including Yugoslavia) at 1.6%. Experience in the developing countries was mixed, with the newly industrializing countries generally continuing their rapid progress, and others struggling with debt, inflation, and inadequate investment. The year 1988 witnessed a marked reduction in world tensions, which could yield sizable economic benefits in the 1990s. However, the addition of nearly 100,000,000 people a year to an already overcrowded globe will exacerbate the problems of pollution, desertification, underemployment, and poverty.

      GWP (gross world product): $18.5 trillion, per capita $3,600; real growth rate 3.4% (1988 est.)

      Inflation rate (consumer prices): 10.9% (1987)

      Unemployment rate: NA%

      Exports: $2,358 billion (f.o.b., 1987); @m5commodities--NA; @m5partners--in value, about 70% of exports from industrial countries

      Imports: $2,410 billion (c.i.f., 1987); @m5commodities--NA; @m5partners--in value, about 75% of imports by the industrial countries

      External debt: $1,008 billion for less developed countries (1988 est.)

      Industrial production: growth rate 5.4% (1987)

      Electricity: 2,771,613,200 kW capacity; 10,977,966 million kWh produced, 2,135 kWh per capita (1988)

      Industries: agriculture, chemicals, energy, machinery, electronics, equipment, manufacturing, metals, mining

      Agriculture: cereals (wheat, maize, rice), sugar, livestock products, tropical crops, fruit, vegetables, fish

      Aid: NA

      NOTE: The information regarding World on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of World Economy 1989 information contained here. All suggestions for corrections of any errors about World Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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