Abstract
•The Asia crisis will cut world trade growth by over a third in 1998.•The Japanese economy will contract by 1 per cent this year, prolonging the slump in the worst affected parts of South-East Asia.•A strong monetary stimulus and a restoration of confidence in the banking system are required to stimulate demand in Japan.•The risk of a Chinese devaluation has risen.•The EU will be the strongest performing region in the OECD in 1999 with growth of just over 2.5 per cent.•US consumer price inflation will rise sharply in 1999.
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