Bullish Global Outlook: Asia With Fastest Growth Rate
Bullish Global Outlook: Asia With Fastest Growth RateSkip to next paragraph
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THE world economy is showing signs of buoyant growth.
Fueled by strong growth in industrial economies, greater intraregional trade in Asia and Latin America, and continued trade liberalization, the global economy will grow by a robust rate of 3 percent in 1995 and 1996, according to the Asian Development Bank's annual ''Outlook'' report.
Industrial countries are projected to achieve their strongest growth rate (about 3 percent) in five years, the report notes; developing economies are expected to grow at about the same rate as last year (around 5 percent).
The developing countries of Asia will continue to grow faster than any other region in the world, registering a growth rate of 7.6 percent and 7.4 percent in 1995 and 1996.
The outlook in the central European countries and the Baltic states continues to improve, the report continues, while in Russia and most of the other countries in transition progress will remain slow.
In Latin America, the difficulties Mexico faced early in 1995 will raise the cost of capital for other Latin American countries in the short term, the report says, increasing the cost of external finance and selectivity lowering growth prospects.
Federal aid: $5,000 a person
WHERE do your tax dollars go?
Two new Commerce Department reports show that Washington is sending a big chunk back.
Federal spending on aid to states, localities, and individuals amounts to $1.3 trillion or almost $5,000 per American.
Sixty-one percent of the total 1994 outlays were spent on Medicaid, family support payments, and housing, says a Census Bureau spokesman.
The 10 states that received the most federal funds per capita: Alaska ($7,656), Maryland ($7,306), Virginia ($7,004), New Mexico ($6,816), Hawaii ($6,449), North Dakota ($6,127), Missouri ($6,019), Massachusetts ($5,856), Rhode Island ($5,489), and Montana ($5,418).
The totals include defense spending on military and civilian payrolls, pensions, and project contracts. The top five counties receiving defense dollars are Los Angeles ($11.4 billion), San Diego ($6.9 billion), St. Louis ($6.1 billion), Santa Clara, Calif. ($4.1 billion), and Fairfax, Va. ($4.0 billion).