Small States

Economic Review and Basic Statistics, Volume 5

image of Small States

This annual publication is divided into two parts. The first part is a narrative on the economic performance of Commonwealth small states, including two feature articles. The second part provides social and economic data on small states, set out in 51 tables.



Recent Economic Trends in Commonwealth Small States

The growth rate of the global economy slowed to 2.0 per cent in 1998, compared with 4.2 per cent in 1997 (see Chart 1.1). The slow-down was attributed to adjustments in emerging market economies in East Asia, following the Asian financial crisis in mid-1997; financial turbulence in Russia in mid-1998, which not only adversely affected the Russian economy but triggered contagion in other emerging economies, especially in Latin America; and continued deterioration in the Japanese economy, despite efforts at stimulation by the Japanese government. Declining commodity prices, which fell by 25 per cent in 1998, and a slow-down in global trade caused by reduced demand in weakened economies, further aggravated the slump in some emerging economies, especially in those dependent on primary product exports.


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