September 9, 1997 |
Not long ago, the only way most poor countries could stay afloat was to beg for ever-larger amounts of foreign aid. Western governments poured billions into costly development projects. Private industry and capital were almost nowhere to be seen. No more. Richer countries, feeling strapped for cash themselves, have cut back their foreign aid. At the same time, however, many of the impoverished nations have abandoned socialism and embraced capitalism.
July 15, 1997 |
The World Bank and some of its harshest critics on Monday joined together to examine whether the economic medicine that the lending organization prescribes for poor countries helps or hurts them. The bank, seven governments and a coalition of more than 500 citizens groups will try in the 18-month pilot project to identify what works and what doesn't so that leaders of developing nations can do a better job of improving daily life in their countries.
May 20, 1996 |
Finance ministers from the Americas pledged over the weekend to stay the course on economic reform by fighting inflation and working to live within their means so as to reduce the risk of another Mexican-style economic upheaval. "We are committed to developing and maintaining fiscal and monetary policies that bring inflation down to low levels and keep it there," said a communique issued after two days of intense and far-reaching discussions. U.S. Treasury Secretary Robert E.
December 31, 1995 |
While listing a few signs of hope, the World Bank on Saturday reported the persistence of enormous gaps in economic well-being between rich countries and poor. On average, a Luxembourger's share of his tiny European country's gross national product--the value of all the goods and services produced during the year--was $39,850 in 1994. The United States had a per capita GNP of $25,860. But Burundi, Ethiopia, Malawi, Mozambique and Sierra Leone--all in Africa--had averages of $150 or less.
October 8, 1995 |
The world's leading industrial democracies Saturday applauded the reversal of the dollar's decline and pressed ahead with plans to create a $50-billion emergency fund to bail out troubled economies of developing nations. Top finance ministers of the Group of Seven, meeting in Washington, also saluted what Treasury Secretary Robert E. Rubin called "Russia's impressive compliance" with strict fiscal boundaries intended to bring down inflation and budget deficits.
October 13, 1993 |
There are great lessons in what's happening today. The poorer countries of Latin America and Asia are picked by investors and money managers all over the world as some of the most successful economies of the next few years--economies that only a decade ago were given up as deadbeats--while a onetime world beater such as Germany is now effectively "bankrupt," says a leading German economist. A major trend is under way, and more than a few hot stocks are involved. Right now, in fact, U.S.