ABSTRACT
The national economies of North America, the European Union, and Latin America were also affected by the crisis to varying degrees. The decline in the economic growth in the second quarter was mainly due to the decrease in business orders. Except for Britain, which experienced a slowdown in economic growth, the economies of most European Union member countries were all expected to see steady growth. Economic development was also restricted by the rise in inflation and the Bank of England’s interest rate increases. Affected by the Asian financial crisis and the slowdown in world economic growth, the economic growth of Eastern Europe and the former Soviet Union has been slower than expected. The economies of Europe, America, and Japan, which combine to make up two-thirds of the world economy, will continue to grow or stay at their level. Changing development tracks, and developing countries like China, economic growth will be maintained, except in the case of Russia.
