World Bank2019-09-162019-09-161997-09-30ISBN 0-8213-3794-71014-8906https://hdl.handle.net/10986/32392The year’s report projects an increase in the growth rate of global output, with notable contributions from Sub-Saharan Africa, the developing countries of Europe and Central Asian, and East Asian countries. This report places special emphasis on the role of the “Big 5” developing and transition economies – China, India, Indonesia, Brazil, and Russia – in the future of the global economy. In addition to assessing the current state of the world economy, this report discusses the expansion of global production and the costs of making the transition to a more open economyCC BY 3.0 IGOADVANCED COUNTRIESAGRICULTUREANNUAL GROWTHBALANCE SHEETSBANKING SYSTEMSBUDGET DEFICITSBUSINESS CYCLECAPITAL FLOWSCAPITAL INFLOWSCDCENTRAL BANKSCOMPARATIVE ADVANTAGECONSUMER PRICE INDEXCPICURRENT ACCOUNTDEBTDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING REGIONSDEVELOPMENT ASSISTANCEDEVELOPMENT ECONOMICSDEVELOPMENT STRATEGYECONOMIC COOPERATIONECONOMIC ENVIRONMENTECONOMIC GROWTHECONOMIC PERFORMANCEECONOMIC STABILIZATIONELECTRICITY GENERATIONEMPIRICAL ESTIMATESENVIRONMENTAL POLICIESEXCHANGE RATEEXCHANGE RATESEXPORTSEXTERNAL ENVIRONMENTEXTERNAL SHOCKSFACTOR MARKETSFINANCIAL SECTORFOOD PRICESFREE TRADEGDPGLOBAL CONDITIONSGLOBAL ECONOMYGOVERNMENT REGULATIONGROSS DOMESTIC PRODUCTGROWTHGROWTH RATEGROWTH RATESHIGH PRIORITYHUMAN CAPITALIMPORTSINCOMEINCOMEINCOME GROWTHINDIVIDUAL COUNTRIESINDUSTRIAL COUNTRIESINFLATIONINFLATION RATEINFLATIONARY PRESSURESINTEREST RATESINTERNATIONAL TRADELABOR FORCELABOR MARKETLABOR MARKETSLOCAL CURRENCYLONG RUNLOW INFLATIONLOW INTEREST RATESLOW-INCOME COUNTRIESMACROECONOMIC CONDITIONSMACROECONOMIC INSTABILITYMARKET PRICESMIDDLE-INCOME COUNTRIESMONETARY POLICIESMONETARY POLICYMOVMULTILATERAL TRADENATURAL RESOURCESNON-OECD COUNTRIESOPECOUTPUT GROWTHPER CAPITA INCOMEPOLICY ENVIRONMENTPOLICY IMPLICATIONSPOLICY ISSUESPOLICY REFORMSPOLITICAL ECONOMYPOOR COUNTRIESPOVERTY REDUCTIONPRICE INDEXESPRIVATE COSTSPRIVATE INVESTMENTPRODUCERSPRODUCTIVITYPRODUCTIVITY GROWTHPROPERTY RIGHTSPROTECTIONISMPUBLIC INVESTMENTPURCHASING POWERPURCHASING POWER PARITYRAPID GROWTHREAL GDPREAL INTERESTREAL INTEREST RATESREAL WAGESRELATIVE PRICESRESOURCE ALLOCATIONSAFETY NETSHORT-TERM INTEREST RATESSIGNIFICANT FACTORSKILLED WORKERSSOCIAL COSTSSTABLE INFLATIONSTATE-OWNED ENTERPRISESSTRUCTURAL REFORMSSTRUCTURAL UNEMPLOYMENTSUSTAINED GROWTHTELECOMMUNICATIONSTERMS OF TRADETRADE REFORMSTRADE VOLUMESTRANSITION ECONOMIESTRANSITION PROCESSUNEMPLOYMENTUNEMPLOYMENT RATESUNSKILLED LABORVALUE ADDEDWAGESWELFARE GAINSWORLD ECONOMYWORLD TRADE ORGANIZATIONWTOCAPITAL MOVEMENTSTRADE LIBERALIZATIONFOREIGN DIRECT INVESTMENTGLOBALIZATIONECONOMIC OUTLOOKCOMMODITY PRICESTRADE LIBERALIZATIONBookWorld Bank10.1596/0-8213-3794-7