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IMF forecasts brisk world economic growth
MANILA. Oct 27: The International Monetary Fund (IMF) and two other multilateral agencies forecast brisk world economic growth this year and next, with Asia leading the pack as industrialised countries pull out of recession, reports AFP.
IMF officials told an international conference here the world's real Gross Domestic Product (GDP) output would hit 3.1 per cent in 1994 and 3.6 per cent in 1995 compared with 1.7 per cent in 1992 and 2.3 per cent In 1993.
Industrialized countries would post, 2.7 per cent growth in 1994 and 1995. yjth the United States forecast to register 3.7 per cent this year and 2.5 per cent next year, while Japan would recover with 0.9 per cent growth year and 2.5 per cent in 1995.
Th? IMF said developing countries would also enjoy 5.6 per cent growth this year and next, although ■ this would be lower than the aggregate 6.1
per cent growth in 1993. *
East Asia would enjoy real’ GDP growth of eight per cent this year, with China position 11.0 per cent from 13.4 per cent last year, it added.
Africa, however, will enjpy 3.3 per cent growth this year with the Middle East advancing by 1.4 per cent and South America by 2.8 per cent.
The World Bank said real GDP among high income countries would grow by 2.4 per cent this year. 3.1 per cent in 1995 and 3.4 per cent in 1996.
The group of seven industrialised countries would grow by 2.5 per cent this year. 2.8 per cent in 1995 and 2.9 per cent in 1996.
Aslan economies would grow by 7.6 per cent this year. 7.2 per cent next year and 7.0 per cent in 1996. with East Asia posting figures of 8-9 per cent. 8.1 per cent* and 7.6 per r cent, respectively.
For South Asia, the figures would -be 4.6 per cent, 5.2 per cent and 5.4 per cent, it
added.
The World Bank said other regions would not enjoy such high growth, with Eastern Europe and the former Soviet Union expected to contract by 10.4 per cenl this year and negative 0.7 per cent In 1995 before achieving expansion at 2.5 per cent in 1996.
The Middle East and Africa would grow by 2.8 per cent this year. 4.2 per cent next year and 4.3 per cenl in 1996. while Latin America and the Caribbean would grow by 2.7 per cent this year. 2.3 per cent in 1995 and 3.5 per cent in 1996.
The Manfia-based Asian Development Bank (ADB). which sponsored the conference. said real gross national product (GNP) growth for the world this year would be 2.1 per cent and 3.1 per cent in 1995.
The industrialised countries would grow by 2.7 per cent for 1994 and 1995, Asia by 8.0 per cent and 7.3" per cent. Africa by 3.3 and 4.5 per cent.