The combined annual real GDP growth rate of these countries fell from 6.6% in 1997 to 3.7% in 1998 with severe impact on the gains that had been made to reduce poverty and generate jobs. Growth is now expected to significantly increase to 5.3% in 1999 and 5.4% by 2000.
The annual inflation rate which reached a high of 8.0% in 1998, is expected to drop significantly to 3.1% and 3.5% in 1999 and 2000 respectively. The Asian annual current account balance, which stood at a deficit of $ billion in 1998 is expected to decline significantly to $ billion in 1999 and drop further to $ billion in 2000.