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GLOBAL IMPORTS
World imports actually declined by one per cent in 1998 to $5.465 trillion against a 3 per cent growth in the previous year. However, volume wise these rose by 4 per cent though much lower than the 9.5 per cent increase recorded in 1997. While North America registered a 10.5 per cent growth (volume) Asia imported 8 per cent less in 1998 than in the previous year. And the former clocked 5 per cent rise at $1.152 trillion while Asia saw a whopping 18 per cent drop in its imports in value terms. A minor shift in the pattern of import shares of different regions is discernible in ten years. North America increased its share to more than 20 per cent in 1998 as against more than 18 per Netherlands cent in 1990. It is significant to note that Latin America had increased its share to more than 6 per cent in 1998 from 3.6 per cent in 1990. (Chart I). Western Europe took only 43.4 per cent against nearly 49 per cent ten years ago. While CIS countries increased their dependence Asia reduced its share marginally. The U.S. was the leading importer with a share of nearly 17 per cent ( Chart II). The country increased its imports by 5 per cent at $944.4 billion. Japan's share was 5 per cent but its imports declined by 17 per cent in 1998. Among the developing countries, China's imports dropped by 2 per cent and its share in world imports was 2.5 per cent. India's imports rose by 3 per cent to $ 42.2 billion with a share of less than one per cent in 1998. GROSS NATIONAL PRODUCT
The total Gross National product (GNP) of all countries was nearly $29 trillion (at market rates) in 1998 , a modest 1.5 per cent rise over 1997. The low income countries' GNP totalled $1.8 trillion; up 3.8 per cent . But East Asia and the Pacific recorded a negative growth of 1.1 per cent because of the problems in the region while the high income group's GNP edged by 1.6 per cent to $22.6 trillion, according to German the latest World Development Report. In developing countries, China's GNP went up by 7.4 per cent to $929 billion in 1998. India's the second highest in the growth was developing world. Its income grew by 6.1 per cent to $330 billion (Chart I). South Korea, Thailand, Indonesia and the Russian Federation all recorded negative GNP growth in 1997-98, when severe financial crises hit these economies. The Latin American countries fared better. Among the developed countries, the U.S. GNP grew by 3.7 per cent to nearly $8 trillion in 1998. But Japan's income declined by 2.6 percent to $4 trillion plus and that of Germany edged down by less than half per cent in the same period (Chart II). The GNPs of France, Italy and the U.K. scored growths of two per cent and more. The rest of the developed nations recorded growth of more than three per cent with Canada registering a rise of over 6 per cent . lncomes of Australia and Spain grew by 3.8 per cent and 3.7 per cent respectively.
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Nehru: independent India's first winner POLL '52: THAT
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