ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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WORLD ECONOMY-Deepening Recession and Other Bad News

Deepening Recession and Other Bad News THIS is the season for the publication of the annual or periodic commentaries on world economic trends by international and multilateral agencies, such as the IMF's World Economic Outlook, the World Bank's World Development Report, the Annual Report of the Dank for International Settlements (BIS), the OECD's six-monthly Economic Outlook and annual Employment Outlook and the Economic Bulletin' of the UN Economic Commissions for different continents. In recent years, there has occurred an increas ing degree of convergence of the assess ments, views and perceptions of these in stitutions on the working of the world economy, unlike in the past when their stances differed, particularly on the nature of the world economic order, based on each institution's assigned mandate and role. Now all of them sing the same song of the virtues of globalisation and the free multilateral trading system, and the need for developing countries to follow struct tural adjustment policies, holding out the success stories of a few Asian countries as examples to emulate.

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