The World Really Is Getting Smaller In Output, At LeastBy
The world's output of goods and services actually shrank in 1991, for the first time since World War II, according to just-released U.N. estimates. And the recovery in 1992 will be tepid. Unlike most international forecasts, the U.N.'s includes developing and former East bloc countries, as well as industrialized nations, and that drags the averages down in both years. In 1991, the Soviet Union and its satellites contracted by about 14%, the U.N. says. And it sees a further 10% drop in output this year for the former Communist bloc. With many industrialized countries either in recession or flirting with it, the rest of the world isn't generating enough growth to offset the Communist bloc's collapse.
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