Abstract
The global economy has been dominated by a series of adverse financial shocks recently.
This includes the continuing problems in the Far East, a debt moratorium in Russia as well
as fears of contagion in Latin America. There is the possibility of further shocks with adverse
effects on financial markets that could lead to a global recession. It is more probable however that 1999 will see a considerable slowdown in economic activity. The IMF has forecast that it will grow by 3.7% in 1998, a considerable contraction compared to 1997 before rising to 4.6% in 1999.
This includes the continuing problems in the Far East, a debt moratorium in Russia as well
as fears of contagion in Latin America. There is the possibility of further shocks with adverse
effects on financial markets that could lead to a global recession. It is more probable however that 1999 will see a considerable slowdown in economic activity. The IMF has forecast that it will grow by 3.7% in 1998, a considerable contraction compared to 1997 before rising to 4.6% in 1999.
| Original language | English |
|---|---|
| Pages (from-to) | 1-6 |
| Number of pages | 6 |
| Journal | Quarterly Economic Commentary |
| Volume | 24 |
| Issue number | 1 |
| Publication status | Published - Dec 1998 |
Keywords
- Scottish economic appraisal
- Scottish economic activity