On December 2 the World Bank released a new 200 page annual report on the global economy which contained thinly veiled criticism of the International Monetary Fund and US Treasury's handling of the Asian financial crisis. The crucial mistake, the report maintains, was their decision to push Asian nations into easing their interest rates, which set off the almost-worldwide recession. While it warns that a substantial danger remains that the world could fall into recession in 1999, the report predicts that the economies of most of the distressed nations will improve into 2000. In addition to an analysis of the short- and long-term prospects of the developing world, the report offers policy suggestions for preventing or managing future crises. At the site, the users will find the full text of the report, a summary, the foreword, press releases in multiple languages, and a PowerPoint slide show.
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