The World Bank's just-released"Global Economic Prospects and the Developing Countries2001" reports that developing country growth surged to5.3 percent in 2000, up from 3.2 percent in 1999 and 1.0percent in 1998. All developing regions experienced fastergrowth, though to varying degrees. World growth is expectedto slow to a soft landing in 2001, reflecting monetarytightening in industrial countries, stock market declines,and high energy prices. Looking ahead, the potential forlong-term growth may have improved globally, improvingprospects for reducing poverty. But there are notable risksto the outlook, including higher oil prices, further slidesin stock markets, and a U.S. recession. These developmentswould seriously reduce developing countries' trade,growth, and access to capital. They could also worsenlonger-term global performance if they lead countries toretreat from reform and openness.
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