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Address to the Board of Governors by A. W. Clausen (Japanese)

This speech by A.W. Clausen, President of the World Bank and International Finance Corporation, was given to the Board of Governors in Toronto, Canada on September 6, 1982. In his speech, President Clausen discussed the economic situation for most of member countries developed and developing alike is grim. Growth rates in the developed nations had declined in real terms for the past five years. Their average growth for 1982 was likely to be 1 percent, as it was in 1974 and 1975. Recovery from the present recession was seriously delayed. Growth rates in the developing countries have displayed a similar downward trend: 1) the middle-income countries grew at only 1.7 percent in 1984, compared with 3.5 percent in the preceding year and an average of 4.7 percent between 1973 and 1980. On a per capita basis, their income declined in 1981, but the weakness in oil prices that year brought them serious problems as well; 2) the lower-income developing countries were able to maintain growth somewhat better. They grew at 3.9 percent in 1981. But this, too, compared unfavorably with their growth of 5.9 percent in 1980, and with their longer-term growth of 4.5 percent between 1973 and 1980; and 3) the rapid economic growth of the high-income oil exporters had already been moderated in 1980 when it fell to 4.5 percent as compared with 8.3 percent between 1973 and 1980. In 1981, it declined by 11.3 percent.


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    Clausen,A. W.

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    President's Speech

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    The World Region,

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    Address to the Board of Governors by A. W. Clausen

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Clausen,A. W.

Address to the Board of Governors by A. W. Clausen (Japanese). Presidential speech Washington, D.C. : World Bank Group.