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Review of Economic Developments in India (1998-99)

ECONOMIC developments in India in 1998-99 have to be viewed against the backdrop of an exceptionally turbulent and unfavourable international economic environment. The year saw significant decline in the GDP of a number of East Asian countries (over 15% in Indonesia and 5-7% in South Korea and Thailand), continuing recession in Japan, severe financial crisis in Russia, unusual volatility in capital and forex markets of industrial countries, continuing drought in capital flows to developing countries and a sharp devaluation in Brazil in January 1999 as a result of capital flight triggered by continuation of unsustainable fiscal weakness. The extension of the East Asian crisis to countries in other continents ensured slowdown of world growth to less than 2 per cent in 1998 with little prospect ofrecovery in 1999. World trade growth also decelerated sharply, commodity prices fell and deflation affected much of the world economy. India was not wholly immune to these unfavourable developments.