- Economy Overview: In 1989 the World economy grew at an estimated 3.0%, somewhat lower than the estimated 3.4% for 1988. The technologically advanced areas—North America, Japan, and Western Europe—together account for 65% of the gross world product (GWP) of $20.3 trillion; these developed areas grew in the aggregate at 3.5%. In contrast, the Communist (Second World) countries typically grew at between 0% and 2%, accounting for 23% of GWP. Experience in the developing countries continued mixed, with the newly industrializing countries generally maintaining their rapid growth, and many others struggling with debt, inflation, and inadequate investment. The year 1989 ended with remarkable political upheavals in the Communist countries, which presumably will dislocate economic production still further. The addition of nearly 100 million people a year to an already overcrowded globe will exacerbate the problems of pollution, desertification, underemployment, and poverty throughout the 1990s.
GWP (gross world product): $20.3 trillion, per capita $3,870; real growth rate 3.0% (1989 est.)
Inflation rate (consumer prices): 5%, developed countries; 100%, developing countries with wide variations (1989 est.)
Unemployment rate: NA%
Exports: $2,694 billion (f.o.b., 1988); commodities—NA; partners—in value, about 70% of exports from industrial countries
Imports: $2,750 billion (c.i.f., 1988); commodities—NA; partners—in value, about 75% of imports by the industrial countries
External debt: $1,008 billion for less developed countries (1988 est.)
Industrial production: growth rate 5% (1989 est.)
Electricity: 2,838,680,000 kW capacity; 11,222,029 million kWh produced, 2,140 kWh per capita (1989)
Industries: chemicals, energy, machinery, electronics, metals, mining, textiles, food processing