Let me turn first to the reasons why the Year 2000 problem is so difficult to manage. Then I shall discuss the actions that are being taken by government and businesses to deal with the millennium bug and the effects these measures are having on economic activity at the present time.
These phenomena, despite their positive impact on welfare and their contribution to the reduction of cross- country inequalities, have caused significant losses for segments of populations, not least within advanced economies, that were unprepared for these changes and found themselves unprotected during the process.