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• W252043314 abstract "I. Countries in Transformation Despite an expected slowdown in the economic growth of the industrial countries in the second half of this decade, the prospects for sustained global expansion in output and trade have been greatly enhanced by the economic reforms in the world's two most populous countries, China and India, and the turnaround in the economies in transition, the former centrally planned countries of central Europe and the major states of the former Soviet Union. These countries are in different stages of their economic transformation to market-based economies and their process of change is also associated with the adoption of outward-oriented trade policies. It has become, therefore, apparent that a particularly important aspect of the short-term world economic outlook is the inclusion of an assessment of the relative economic size and the degree of expected expansion of the major transforming countries, which are steadily integrated in the global economy. The first group of the major transforming countries comprises the populous China and India, which are implementing fundamental economic reforms based on outward-oriented trade policies. The important characteristic of an outward-oriented strategy is that industrial and trade policies initially reduce and eventually eliminate discrimination between domestic production and exports or between domestic supplies and imports. This strategy leads to substantial expansion in exports and increases the pace of economic development. The second group of the major transforming countries consists of the economies in transition, which are characterized by the transitional state of their economies from a centrally administered system to one based on market principles. This group comprises the two major states of the former Soviet Union, Russia and Ukraine, and the three dynamic countries of the former centrally planned economies of central Europe; namely, Poland, the Czech Republic and Hungary. To assess the economic importance of these major countries in transformation in the global economy, the method of using gross domestic product (GDP) data expressed in national currencies and then converted to US dollars at market exchange rates is not acceptable because of marked differences between market rates and purchasing power parities (PPPs). Our analysis evaluates the market size and the future role of the major countries in transformation based on estimates of PPPs that have been derived from the International Monetary Fund's (IMF) projects of aggregating economic indicators across countries. The PPP-based GDPs for the major transforming countries are higher than their corresponding exchange rate-based figures because PPPs of developing countries' currencies tend to be understated by exchange rates. The accompanying Tables reveal the significant role that the countries in transformation are expected to play in the world economy in the second part of this decade. (All Tables omitted) In terms of population, the major transforming countries comprise about 42% of the world's population. The market size of the two most populous countries, expressed in PPP-based GDPs, was 2,894.3 $US billions in 1992, which is 11% of the world's output, about one half of the United States income, and close to two-thirds of the income of the four major countries of the European Union: Germany, France, Italy and the United Kingdom, the so-called EU(4). Including the economies in transition, the total income of the seven transforming countries was 4,474 $US billion in 1992, which is the same as that of the four major industrial countries in Europe, three-fourths of the income of the United States, and 17% of the world's output. Regarding the recent economic performance and the short-ten outlook of the seven major countries in transformation, the two groups are at different stages of economic development. The populous reforming countries have made substantial adjustments in implementing outward-oriented policies. …" @default.
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• W252043314 date "1995-07-01" @default.
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• W252043314 title "Resumption of Growth in Transition Countries and Continuing Progress in the Opening of China and India to Strengthen Global Expansion" @default.
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