International Economic Outlook1
|The outlook for world economic growth has improved noticeably in recent months. On the
back of an improvement in Japan and recovery in most Asian economies, world output in 1999
is expected to be around ¾ of a percentage point stronger than forecast at Budget. Growth
is expected to remain strong in the US and this will continue to underpin world economic
activity in 1999. In 2000, world growth is expected to lift further, reflecting stronger
recoveries in Japan, Europe and most of the Asian economies. A similar result is expected
overall in 2001, although growth in the US is anticipated to moderate.
World GDP Growth at Market Exchange Rates
International GDP Growth Forecasts
1..Since the MYEFO forecasts were finalised, the US has released a comprehensive revision to their National Accounts. The methodological changes have moderately increased the long-term average rate of growth, with revisions extending back to 1959.