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> Policies> economic survey 2000-01
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Economic Survey 2000-2001
[Review of Developments]
External sector
International economic environment
1.77 The global economic and financial situation that was under pressure following the crises in Asia and Russia staged a rapid recovery in 1999 and gained strength in 2000. Global output is expected to grow at 4.7 per cent in 2000 compared with 3.4 per cent in 1999 and 2.6 per cent in 1998. Growth of world trade volume in goods and services recovered to 5.1 per cent in 1999 from 4.3 per cent in 1998 and is estimated to have almost doubled to 10 per cent in 2000. World trade prices of manufactures in US Dollar value, which continued to be on the downslide for five years since 1996, are expected to rise by 1.1 per cent only in 2001. World trade prices of non-fuel primary commodities, which had displayed downward trends in the last four years, are estimated to have increased by 3.2 per cent in 2000 with prospects for further increase in 2001. International oil prices increased by 37.5 per cent in 1999 and strengthened further by 47.5 per cent in 2000. They are expected to soften (by about 13 per cent) in 2001. All these trends will have favourable impact upon the economic prospects and balance of payments of the developing countries, including India.
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