The performance of both developed and developing countries was poorer in 1990 than seemed likely a year ago and, contrary to last year's expectations that recovery would begin in 1991, this year has witnessed a recession in all parts of the world. All the forecasts reflect this, although some reports emphasise the differences among various industrial countries, attributing these to a dispersion of 'business cycles'.

One of the disappointments of the reports is again that the discussion which many present risk-factors does not appear to be fully reflected in the quantified outlooks.