The economic background [December 1998]

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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.
Original languageEnglish
Pages (from-to)1-6
Number of pages6
JournalQuarterly Economic Commentary
Issue number1
Publication statusPublished - Dec 1998


  • Scottish economic appraisal
  • Scottish economic activity


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