trends in private investment in developing...

IFD1 6Dec. 1992

DISCUSSION PAPER

Trends in PrivateInvestment in Developing

Countries 1993

Statistics for 1970-91

Guy P. PfeffermannAndrea Madarassy

INTERNATIONALFINANCE

CORPORATION

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Recent IFC Discussion Papers

No. 1 Private Business in Developing Countries: Improved Prospects. Guy P. Pfeffermann

No. 2 Debt-Equity Swaps and Foreign Direct Investment in Latin America. Joel Bergsmanand Wayne Edisis

No. 3 Prospects for the Business Sector in Developing Countries. Economics Department, IFC

No. 4 Strengthening Health Services in Developing Countries through the Private Sector.Charles C. Griffin

No. 5 The Development Contribution of IFC Operations. Economics Department, IFC

No. 6 Trends in Private Investment in Thirty Developing Countries. Guy P. Pfeffermannand Andrea Madarassy

No. 7 Automotive Industry Trends and Prospects for Investment in Developing Countries. YannisKarmokolias

No. 8 Exporting to Industrial Countries: Prospects for Businesses in Developing Countries. EconomicsDepartment, IFC

No. 9 African Entrepreneurs-Pioneers of Development. Keith Marsden

No. 10 Privatizing Telecommunications Systems: Business Opportunities in Developing Countries.William W. Ambrose, Paul R. Hennemeyer, and Jean-Paul Chapon

No. 11 Trends in Private Investment in Developing Countries, 1990-91 edition. Guy P. Pfeffermannand Andrea Madarassy

No. 12 Financing Corporate Growth in the Developing World. Economics Department, IFC

No. 13 Venture Capital: Lessons from the Developed World for the Developing Markets. Silvia B. Sagariwith Gabriela Guidotti

No. 14 Trends in Private Investment in Developing Countries, 1992 edition. Guy P. Pfeffermannand Andrea Madarassy

No. 15 Private Sector Electricity in Developing Countries: Supply and Demand. Jack D. Glen

INTERNATIONALFINANCECORPORATION

DISCUSSION PAPER NUMBER 16

Trends in PrivateInvestment in Developing

Countries 1993

Statisticsfor 1970-91

Guy P. PfeffermannAndrea Madarassy

The World BankWashington, D.C.

Copyright / 1992The World Bank and

International Finance Corporation1818 H Street, N.W.Washington, D.C. 20433, U.S.A.

All rights reservedManufactured in the United States of AmericaFirst printing December 1992

The International Finance Corporation (IFC), an affiliate of the World Bank, promotes theeconomic development of its member countries through investment in the private sector. It is theworld's largest multilateral organization providing financial assistance directly in the form of loanand equity to private enterprises in developing countries.

To present the results of research with the least possible delay, the typescript of this paper has notbeen prepared in accordance with the procedures appropriate to formal printed texts, and the IFCand the World Bank accept no responsibility for errors. This is a study by the staff of theEconomics Department of the IFC, and the judgments in it do not necessarily reflect the views ofthe Board of Directors or the governments they represent. The World Bank does not guaranteethe accuracy of the data included in this publication and accepts no responsibility whatsoever forany consequence of their use.

The material in this publication is copyrighted. Requests for permission to reproduce portions of itshould be sent to Director, Economics Department, IFC, at the address shown in the copyrightnotice above. The IFC encourages dissemination of its work and will normally give permissionpromptly and, when the reproduction is for noncommercial purposes, without asking a fee.Permission to copy portions for classroom use is granted through the Copyright Clearance Center,27 Congress Street, Salem, Massachusetts 01970, U.SA

The complete backlist of publications from the World Bank, including those of the IFC, is shownin the annual Index of Publications, which contains an alphabetical title list (with full orderinginformation) and indexes of subjects, authors, and countries and regions. The latest edition isavailable free of charge from the Distribution Unit, Office of the Publisher, Department F, TheWorld Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.SA, or from Publications, TheWorld Bank, 66, avenue d'Iena, 75116 Paris, France.

ISSN (IFC Discussion Papers): 1012-8069ISSN (Trends in Private Investment in Developing Countries): 1018-208X

Guy P. Pfeffermann is director of the Economics Department of the IFC and economic adviser ofthe Corporation. Andrea Madarassy is a research analyst in the Economics Department of the IFC.

The first edition in this serial publication was cataloged by the Library of Congress as follows:

Library of Congress Catalogingrn-Publication Data

Pfeffermann, Guy Pierre.Trends in private investment in thirty developing countries / Guy

Pfeffermann, Andrea Madarassy.p. cm.-(Discussion paper / International Finance

Corporation ; no. 6)Includes bibliographical references.ISBN 0-8213-1352-51. Investments-Developing countries. I. Madarassy, Andrea,1964- . II. Title. m. Series: Discussion paper (InternationalFinance Corporation) ; no. 6.HG5993.P48 1989

332.6'7314'091724-dc2O 89-22588CIP

Foreword

The fourth edition of Trends in Private Sector Investment in Developing Countries shows privateand public investment data from 1970 to 1991. The Discussion Paper also touches on private investmentdeterminants (domestic as well as foreign) with a stress on institutional factors and on the relevance ofthe East Asian experience to other parts of the developing world.

Guy P. PfeffermannDirector, Economics Department

& Economic Adviser of the Corporation

iii

Table of Contents

1. Salient Points ................... 1

2. Foreign Direct Investment ................... 3

3. Investment Determinants ................... 4

4. Institutional Factors ................... 6

s. Lessons from East Asia ................... 8

Appendix 1. Method and Sources .. 10

Appendix 2. Tables

1. Investment ............................................. 142. Gross Domestic Product .......... .......................... 193. Breakdown of Investment between Private and Public Sectors .... ......... 214a. Annual Averages in Investment Shares for 47 Developing Countries .... ..... 264b. Average Breakdown of Investment between Private and Public Sectors for 47

Developing Countries .......................... 265a. Investment Shares for East Asia . .......................... 275b. Investment Shares for Latin America .......................... 275c. Investment Shares for South Asia .285d. Investment Shares for Sub-Saharan Africa .28

Appendix 3. Graphs .30

Bibliography .62

v

1.Salient Points

Private investment has been on the * The sharpest increases in privaterebound since the mid-1980s while public investment occurred in East Asia where largeinvestment remains at a ten-year low. Private inflows of foreign direct investment contributedinvestment levels are back to their peak of the to the rise, notably in Malaysia and Thailand.late 1970s and in a number of large developingcountries are surpassing this peak. Today's high Private investment, which had sunk tolevels of private investment are likely to have a extremely low levels, has been recovering in amore beneficial impact on economic growth than number of Sub-Saharan countries, notably inhad been the case in the 1970s because structural Malawi and Ghana; even so, private investmentadjustment policies have enhanced the efficiency ratios remain low in Sub-Saharan Africa.of private investment in the majority ofdeveloping countries. The following figure * Latin American private investmentshows long-term trends in private investment. continued to rise in countries for which the dataSimple averages give an idea of what has been are available (most sharply, since 1986, inoccurring in the average developing country, Chile; however in 1991 Guyana experienced awhile averages weighted by the size of GDP remarkable surge).'reflect total amounts of private investment; theseare heavily influenced by trends in India, Korea,Mexico and other large economies.'

% of GDP Private Investment as a Percentage of GDP in 47 Countries

Average Weighted by Size of GDP

1 4 - - - - - - - - - - - -- ------

Simple Average8

71 73 75 77 79 81 83 85 87 89 91

As for short-term trends, leaving out 6 of the 47 countries for which 1991 data are unavailable. private invement ratios increadfrom 12.4 to 13 percent (simplc averages) while the weighted average remained unchanged (16.4 percent of GDP).

2 Data for Brazil do not exixt but qualitative information suggests that private invesment remains very depressd. Converely,indications are that total investment increased in Argentina during 1991, and while no breakdown between public and private investment is yetavailable, stringent fiscal austerity suggcets that private invetment was in the lead.

1

* In South Asia private investment * Net foreign direct investment (FDI)increased, albeit slowly, but levels remain low- flows to developing countries rose by nearlyaround 10 percent of GDP. one-third in 1991, further increasing the share of

FDI in total private investment.

2

2.Foreign Direct Investment

During the last fifteen years FDI inflows Asia, while inflows to Latin America consist ofto developing countries increased rapidly, a mixture of fixed capital formation andretlecting globalization of production. purchase of existing assets being privatized.

Aside from Eastern Europe (led by Hungary andIn recent years the sharpest increases in Czechoslovakia) other developing regions failed

FDI flows were to East Asia and Latin America, to share in the rapid growth in FDI.Financing mainly new fixed investment in East

Foreign Direct Investment in Developing Countries, net ($ billion)

765 77 78.79-80-81-82-83-84-85-86-87-88-89-90-9

1 ' ~ 0 ------- -------- --- -- -- - -- ----------------- - - -- - -- -

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91

Foreign Direct Investment in Developing Regions, net ($ billion)

0 t~~~~~~~~~~~~~~~AC 10 - - - ------------------------------------ -------- -- E---

4--- ~ ~ ~ ~ ~ ~ ~ ~ ~ - - ------------- SS Africa ------&---------~~- - - - - - - - - M Eas --- --- - - - E Europe0

1985 1986 1987 1988 1989 1990 1991

3

3.Investment Determinants

The last two editions of Trends in Most broadly good macroeconomicPrivate Investment in Developing Countries policies stimulate private investment. Of theidentified the main factors which seem to sixteen countries with the largest increases ininfluence levels of private investment and private investment during the second half of theforeign direct investment in particular. A 1980s, twelve showed increases in savingsnumber of studies - some stimulated by the during the preceding five years reflectingearlier IFC Discussion Papers - confirm the improvements in fiscal balances. Conversely, ofimportance of these factors. It is therefore the sixteen countries with the smallest increasesworth summarizing the principal findings. in private investment, or where private

investment declined, all but five had decliningPrivate investors respond positively to savings during the previous five years.

growth of demand. Indeed, for most developingcountry firms, growth (or potential growth) of Foreign investors tend to respond todemand is the most important reason for similar factors. Indeed, except in the case ofinvesting. Second, unsurprisingly, a positive "enclave' projects such as investments in oil orassociation exists between capacity utilization mining, a buoyant local business climateand private investment. Third, the degree to encourages interest on the part of foreignwhich financing, especially credit from the investors. However, because foreign firmsbanking system, is 'crowded out" by public choose their investment locations among manysector financing requirements affects private countries, they focus, perhaps more than localinvestment; excessive fiscal deficits reduce credit investors, on some particular factors. Relativeavailable to private firms. Of 14 countries costs of production continue to play an importantwhere private investment has been on the rise role in influencing FDI location decisions butand whose economies were "adjusting" with the perhaps less so than used to be the case tenhelp of World Bank loans, most achieved years ago; in many industries direct labor costsimproved fiscal balances. have declined to the point where they have

become a secondary factor. Increasingly,Inflation and exchange rate volatility also companies are attracted by the availability of

deter investors because of unpredictability education and high skills.attending distorted relative prices. Also, highinflation brings with it the expectation of Market size remains very important;currency devaluations which will increase the most FDI has flowed into countries with largecost of imported capital goods and inputs to an and expanding markets. Over 1985-91 the sixunknown extent. Interest rates also influence largest recipients of FDI, Mexico, China,private investment but in a counter-intuitive Malaysia, Argentina, Brazil and Thailandmanner. Rising local interest rates encourage attracted 55 percent of FDI flows to developingprivate investment; this is because average countries. However, small economies alsoborrowing costs decline as official and informal attracted substantial amounts of FDI; indeed,("curb") rates are unified. owing to oil and mineral enclaves and island

tourism, they attracted more FDI in relation to

4

their GDP than the larger economies. Foreign climate, and to the quality of infrastructure.investors attach great importance to levels of Indeed, an increasing proportion of foreignforeign investment in place as an important investment is devoted to upgradingindicator of the quality of the business infrastructure.

5

4.Institutional Factors

Most research on private investment slow to respond. The strongest responses occurdeterminants focuses on quantifiable variables when investors believe that improvements willsuch as GDP growth, fiscal deficits or interest endure. This occurs, typically in countries withrates. Useful as such analyses are, they fail to the following characteristics:capture all-important institutional factors whichencourage or inhibit private investment. * An open export-oriented economy. As a

country moves from an inward-looking to anThe risks of doing business are much open system, firms and individuals who have a

increased in countries where the rules of the stake in the open system become a growinggame are unclear or where the state does not political constituency, which eventually canensure that private contracts are enforced and become strong enough to reduce considerablywhere the judiciary system does not function the probability of policy reversal. The examplewell. Likewise, widespread corruption increases of Chile, where the elected governmenttransaction costs and creates additional continued the open economic policies of theuncertainties. Increased transaction costs lead Pinochet goverment, is encouraging.would-be investors to seek higher ex ante returnsand therefore depress private investment and 0 A convertible currency. Once privateencourage consumption and capital flight. firms and individuals can shift assets among

currencies legally, they can hedge againstA series of country-specific private perceived risks of policy deterioration. When

sector assessments conducted by the IFC, a part governments engage in policies which are judgedof a broader World Bank Group exercise, by the public to be unsustainable (typically,confirms the importance of institutional factors. attempting to maintain below-equilibrium interestInadequate administration of justice, deficient rates or an overvalued currency), flight fromproperty rights, frequent political interference in local currency will occur; this will bring downprivate business, corruption and excessive red the level of international reserves and eventuallytape are among the most serious obstacles to force government to improve policies. Ofprivate investment. The existence of even one course, government is free to abolish freesingle major institutional obstacle may thwart convertibility, but such a step entails heavyprivate investment. In order to create a business costs.climate conducive to investment governmentsneed to take a holistic approach; working on this A large-scale privatization program. Asor that obstacle, or even on the majority of more state-owned assets are sold to privateobstacles, may not be enough to attract owners and goverrnment concentrates more oninvestors. traditional activities such as rule-setting, dealing

with public and preventive health, basicImprovements in macroeconomic education, social services, law and order, the

conditions as well as in the quality of institutions judicial system, and so forth, the likelihood ofhave occurred in a number of developing policy reversal will diminish.countries but private investors have often been

6

* Another "policy anchor" is emerging in None of these "anchors" of coursesome developing countries: regional trading guarantees future government behavior but theygroups such as the North American Free Trade do offer hope that institutional uncertainty mayAgreement, Mercosur and association be reduced.,agreements between the EC and peripheralcountries. Such international agreements reducethe likelihood that future governments willreverse liberalization.

3 For a more general treatment of these issues see Aymo Brunetti and Beatrice Weder, Political credibility and economic growth, WWZ-Studie Nr. 39, Wirtschaftswissentschaftliches Zentrum der Universitat Basel, September 1992. For an application to Latin America see SilvioBorner, Aymo Brunetti and Beatrice Weder, Institutional Obstacles to Ladn American Growth, Occasional Paper Number24, International Centerfor Economic Growth, ISC Press, San Francisco, 1992.

7

5.Lessons from East Asia

East Asian economies have exceptionally exports/high overall investment in East Asia.high levels of investment, as shown in the Not only are investment levels high in thesefollowing figure. countries, investment is also very efficient as

shown by high growth per unit of investment.

Active government interventionPublic and Private Investment, percent of GDP undoubtedly played a major role in boosting

(1980-90) private investment. In particular the Koreangovernment was very effective in increasingmanufactured exports through incentives andpenalties. Incentives included subsidized creditfrom the state-owned banking system as well as

Public Investment honoring publicly successful exporters. Penaltiesincluded denial of credit, severe tax audits and

20 Private Investment public exposure of unsuccessful entrepreneurs.18 For decades government also restrained union16 activity, which helped labor productivity grow14 faster than real wages and reduced unit labor12 costs. Macroeconomic policies were excellent1 0 and provided the necessary support to targeted8 interventions.64 In Singapore and Taiwan Province of2 China also government interventions coupled0 with excellent macroeconomic policies

East Asia South Sub- Latin encouraged private investment.Asia Saharan America

Africa and Some economists still deny that activeCaribbean government intervention had anything to do with

these countries' economic success. Some evenargue that growth might have been more rapidstill had it not been for government intervention.We do not share these views. While it is true

East Asia's public investment levels are that costly mistakes were made (for examplenot particularly high but private investment Korea's excessive emphasis on shipbuilding)stands out; no other region comes close. The mass mobilization for economic development hasreasons for this enormous difference deserve been very effective. Of course, in recent yearsresearch. The presumption is that high levels of Korea has been liberalizing, partly in responseprivate investment are a crucial part of the to pressures on the part of trading partners but"virtuous circle " of high growth/dynamic mainly because Korea, thanks to earlier policies,

8

had become such a complex and successful situation in many countries, where governmenteconomy that a lesser degree of intervention was incentives and subsidies often are diverted fromrecognized to be beneficial. their original purposes.

What lessons if any can other developing But only a very few developing countriescountries draw from the experiences of Korea, enjoy public administrations of the competenceSingapore and Taiwan? and integrity that characterize these East Asian

countries.' Where does this leave investmentSome lessons are clearly highly relevant, prospects in the rest of the developing world?

first of all the paramount importance of In our opinion, firms are most likely to investeducation. Almost two-thirds of Korean workers where governments are moving away fromhave high-school or pre-university education. pervasive intervention and instead are focusingSingapore's education standards, likewise, are on the macroeconomic setting -- particularly onvery high. Second, as noted, macroeconomic sound public finances and realistic real exchangepolicies in the East Asian countries are rates -- and where they are making progress infirst-rate. There is a lesson also for corporations. creating the institutional bases for prosperity:Corporations have been willing to take risks in law and order, a well-functioningjudicial systemfinding and expanding business opportunities and laws which are enforced across the board,abroad. basic health and education, an efficient transport

infrastructure and sound macroeconomicBut these countries also have singular policies. This is how countries such as

aspects. For decades they have been small Thailand, Malaysia, Indonesia, Chile andpolitical islands in hostile seas: South Korea is Mexico, and more recently Argentina,only two and a half times the size of Switzerland Venezuela, Turkey and India have attractedand North Korea is less than 50 miles away domestic and foreign private investment. Hongfrom Seoul. Economic development was seen as Kong's remarkable economic success was alsoa way, perhaps the main way, to cope with the achieved in this way, without Korean-styleNorthern threat; hence an extraordinary degree industrial policies. The private sector, domesticof collective commitment was achieved which and foreign, has also increased its investment inwas used single-mindedly for export-led growth. smaller developing economies where theIn most other developing countries, what business climate has been improving in recentcommitment there may be, is spread over diffuse years, for example in Ghana, Guyana, Malawi,and conflicting goals. Perhaps in Korea, the Mauritius and Morocco.close interplay between government and businessin setting targets and seeing to their achievementdid not lead to favoritism and massivecorruption. Rather, by and large, the intendedpurposes of subsidies and incentives wereachieved. This is in contrast to the

A comprehensive review article by Helen Shapiro and Lance Taylor 'The State and Industrial Strategy' (World Development.0 7ford, 1990, Vol. 18, No. 6. p. 872) concludes, as we do, that *The question is whether the state can effectively cope. Its managerial capacity- even to supervise a regime of laissez faire - is perhaps the most imnportant boundary condition of all'.

9

Appendix 1.Method and Sources

National accounts normally do not break paper centers on the period of structuraldown gross domestic investment into its private adjustment, however, and countryand public sector components. Private coverage for 1980-91 is moreinvestment is defined in this paper as the comprehensive.difference between total gross domesticinvestment (from national accounts) and The forty-seven countries in this editionconsolidated public investment. Consolidated represent all the developing countries for whichpublic investment data for each country were the relevant data are available. Since thefound mainly in World Bank Country Economic previous edition, the following changes haveMemoranda, Public Investment Reviews, Public been made. Haiti and Tanzania have beenExpenditure Reviews, and other World Bank dropped because the data are unreliable. Egypt,country reports. They reflect efforts by World Guyana, Madagascar, Mali, South Africa,Bank missions to compile public sector data. In Trinidad and Tobago were added. Althoughcountries where World Bank data are not Korea and Singapore now have higher per capitaavailable, appropriate country data were used.' incomes than developing countries, they were

included to illustrate how two countries whichAmong the data problems inherent in were less developed during the seventies,

this method, the following can be readily became industrialized countries by the end of theidentified. 1980s. For C6te d'Ivoire, this edition leaves out

the incorrect series on earlier years and presents* The emphasis is on fixed capital new revised data for recent years. There were

formation; wherever possible financial also minor changes in the last two or three yearsinvestment has been excluded. It is not of most countries' series, resulting from revisionalways clear from the data, however, of their national accounts. Updates are notwhether or not financial investment is available through 1991 for Argentina, India,included under consolidated public Morocco, Nigeria, Somalia, and Trinidad andinvestment in a particular country. Tobago, but the historical series are retained for

the sake of completeness in country coverage.* Changes in inventories are a part of the

residual private investment in some The tables present the investment figurescountries but not in others. Where in terms of five ratios for each country. Threechanges in inventories are excluded, the ratios are shown as percentages of GDP -- grosstotal investment figure used is gross domestic investment (GDI/GDP); privatedomestic fixed investment. investment (Private I/GDP); and public

investment (Public I/GDP). (See Table 1 for the* Data for the 1970s are scarcer than for ratios and Table 2 for the corresponding GDP

the 1980s. The main interest of the figures.) Two ratios are expressed as percentage

See bibliography for a listing of published country reports.

10

of gross domestic investment -- private Ghana 6,270investment (Private I/GDI); and public Guatemala 7,630investment (Public I/GDI). (See Table 3.) The Guinea 2,820ratios are computed using local currency units at Guyana 260current prices, except for Argentina and Bolivia. India 254,540For these two countries, constant price ratios are Indonesia 107,290used in order to correct for the effect of high Iran 116,040inflation. Kenya 7,540

Korea 236,400These same five ratios are analyzed in Madagascar 2,750

Tables 4 to 7. Tables 4 and 5 show simple and Malawi 1,660weighted averages of annual investment shares Malaysia 42,400across countries. Tables 4a and 4b show private Mali 2,450and public investment trends for all countries, Mauritius 2,090while Tables 5a, 5b, 5c and Sd show regional Mexico 237,750trends. Weighted averages are calculated using Morocco 25,220the US dollar value of country GDPs as weights. Nepal 2,890

Nigeria 12,582Pakistan 35,500Papua New Guinea 3,270

GDP (US$ million in 1990) Paraguay 5,260Peru 36,550Philippines 43,860Singapore 34,600

Argentina 93,260 Somalia 890Bangladesh 22,880 South Africa 90,720Belize 367 Sri Lanka 8,032Bolivia 4,480 Thailand 80,170Chile 27,790 Trinidad and Tobago 4,750Colombia 41,120 Tunisia 11,080Costa Rica 5,700 Turkey 96,500C6te d'Ivoire 7,610 Uruguay 8,220Dominican Republic 7,310 Venezuela 48,270Ecuador 10,880 Zimbabwe 5,310Egypt 33,210El Salvadore 5,400Fiji 1,421 Source: World Bank World Development Report, 1992

11

Appendix 2.Tables

Table 1. InvestmentPercent of GDP

Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

ArgentinaGDUGDP 21.2 22.1 21.9 19.6 19.3 19.5 21.5 24.4 22.1 21.9 22.8 20.1 15.3 14.1 12.5 11.6 8.9 13.3 11.5 8.8 7.5 -Private VGDP 13.1 13.5 13.3 12.7 12.6 11.8 11.7 13.1 11.8 12.8 13.9 11.5 8.2 7.6 7.9 7.6 4.3 7.6 5.4 4.8 4.5Public UGDP 8.1 8.6 8.6 6.9 6.7 7.7 9.8 11.3 10.3 9.1 8.9 8.6 7.1 6.5 4.6 4.0 4.6 5.7 6.1 4.0 3.0

BangladeshGDI/GDP - - - - 15.9 15.3 13.3 12.2 12.8 12.3 12.5 12.0 12.2 11.6 11.8Private UGDP - - 6.5 6.3 6.1 5.5 5.4 6.0 6.3 5.6 5.7 5.6 5.7Public I/GDP - - - - 9.4 9.0 7.2 6.7 7.4 6.3 6.2 6.4 6.5 6.1 6.1

BelizeGDFVGDP - - 26.2 23.5 27.1 25.3 28.7 28.0 28.5 26.6 25.3 26.4 23.6 19.8 20.8 18.6 18.9 23.3 29.3 33.2 29.5 33.6Private VGDP - - 17.8 15.2 14.8 16.6 18.5 16.1 11.7 9.8 12.4 14.1 10.1 8.5 11.6 9.2 9.2 15.0 19.9 18.7 13.4 17.4PublicUIGDP - - 8.4 8.3 12.3 8.7 10.2 11.9 16.8 16.8 12.9 12.3 13.5 11.3 9.2 9.4 9.7 8.3 9.4 14.5 16.1 16.2

BoliviaGDFVGDP - - - - - - - - - - 14.4 11.5 11.4 7.0 6.0 4.5 4.9 5.2 5.9 6.1 5.9 6.4Private VGDP - - - - - - - - - - 7.4 4.0 5.7 2.8 3.4 2.3 2.4 2.0 2.0 2.0 1.9 2.1Public U/GDP - - - - - - - - - - 7.0 7.5 5.7 4.2 2.6 2.2 2.5 3.2 3.9 4.1 4.0 4.3

ChileGDUGDP 16.4 14.5 12.2 7.9 21.2 13.9 12.8 14.5 17.8 17.8 21.0 22.7 11.3 9.8 13.6 13.7 14.6 16.9 17.0 20.3 20.2 18.7Private VGDP 9.5 6.5 4.5 0.5 9.2 3.2 4.8 7.6 11.4 12.6 15.6 17.5 6.5 4.9 7.3 6.8 7.0 10.3 8.2 13.7 15.6 13.9Public UGDP 6.9 8.0 7.7 7.4 12.0 10.7 8.0 6.9 6.4 5.2 5.4 5.2 4.8 4.9 6.3 6.9 7.6 6.6 8.8 6.6 4.6 4.8

ColombiaGDFUGDP 20.2 19.4 18.1 18.3 21.4 17.0 17.6 18.7 18.3 18.1 19.0 20.6 20.5 19.9 19.0 19.0 17.7 17.4 19.5 18.0 16.0 14.3Private VGDP 14.5 13.0 12.3 11.3 16.2 11.8 12.1 9.6 11.5 12.3 11.4 12.0 11.1 11.0 10.0 9.4 9.2 8.3 11.0 9.6 8.5 7.3Public /GDP 5.7 6.4 5.8 7.0 5.2 5.2 5.5 9.1 6.8 5.8 7.6 8.6 9.4 8.9 9.0 9.6 8.5 9.1 8.5 8.4 7.5 7.0

Costa RicaGDFUGDP 19.4 22.1 21.9 20.5 21.3 20.7 23.5 22.4 23.0 26.2 23.9 24.1 20.3 18.0 20.1 19.3 18.7 19.8 19.0 20.6 22.4 19.3Private VGDP 15.0 16.4 15.1 14.7 15.8 14.4 15.1 14.2 15.6 17.3 14.7 15.2 13.1 11.6 13.7 12.3 12.9 15.4 14.9 16.1 17.7 15.2Public UGDP 4.4 5.7 6.8 5.8 5.5 6.3 8.4 8.2 7.4 8.9 9.2 8.9 7.2 6.4 6.4 7.0 5.8 4.4 4.1 4.5 4.7 4.1

Cot dlvoireGDUGDP - - - - - - - - - - - - 1- 10.9 10.6 8.1 7.8 7.2Private VGDP - - - - - - - - - - - - - - - - 4.2 4.3 3.9 3.6 3.2Public I/GDP - - - - - - - - . - . - - - - 6.7 6.3 4.2 4.2 4.0

Table 1. (continued)

CountrieslYears 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

GuyanaGDFUGDP - - - - 23.9 27.4 30.5 21.3 30.3 41.6 41.6Private UGDP - - 2.8 2.8 3.4 3.1 4.6 4.8 17.8Public U/GDP - - - - - - - - - - 21.1 24.6 27.1 18.2 25.7 37.0 23.8

IndiaGDFUGDP 13.1 16.4 16.9 15.3 15.7 17.9 19.1 19.2 19.3 19.8 19.3 19.8 20.1 19.3 19.7 20.7 21.1 21.7 21.1 21.4 22.1 -

Private UGDP 8.1 9.9 9.3 8.5 9.6 10.3 10.3 10.6 10.7 10.5 10.7 10.6 9.7 9.4 9.6 10.2 9.8 11.3 11.0 11.5 12.3Public I/GDP 5.0 6.5 7.6 6.8 6.1 7.6 8.8 8.6 8.6 9.3 8.6 9.2 10.4 9.9 10.1 10.5 11.3 10.4 10.1 9.9 9.8 -

IndonesiaGDFVGDP - - - - - - - - - - - 24.2 25.9 25.1 22.3 20.5 20.1 19.2 19.9 21.3 23.5 24.7

Private UGDP - - - - - - - - - 13.5 13.4 13.1 12.1 10.2 11.6 11.4 11.5 12.7 14.3 15.1

Public IUGDP - - - - - - - - - - - 10.7 12.5 12.0 10.2 10.3 8.5 7.8 8.4 8.6 9.2 9.6

IranGDFIVGDP - - - - - - - - - 21.3 18.9 16.4 20.5 20.3 17.2 14.3 12.5 12.4 12.0 15.0 13.8

Private UGDP - - - - - - - - - 10.9 9.5 6.9 11.5 12.0 10.6 8.5 7.6 7.2 7.1 10.0 8.4

Public IUGDP - - - - - - - - - 10.4 9.4 9.5 9.0 8.3 6.6 5.8 4.9 5.2 4.9 5.0 5.4

KenyaGDFVGDP 19.7 22.7 22.1 20.8 19.2 20.2 20.0 21.0 25.1 23.7 23.6 24.1 19.3 18.8 18.4 17.9 19.7 19.6 20.1 19.1 20.4 18.8Private UGDP 13.7 14.0 13.6 11.4 10.5 11;7 11.6 12.1 15.6 12.8 12.9 13.4 10.6 11.6 10.7 10.9 11.6 12.5 11.8 11.1 10.8 10.4Public I/GDP 6.0 8.7 8.5 9.4 8.7 8.5 8.4 8.9 9.5 10.9 10.7 10.7 8.7 7.2 7.7 7.0 8.1 7.1 8.3 8.0 9.6 8.4

KoreaGDFUGDP - - 20.4 23.0 25.4 25.0 24.0 26.9 30.9 32.7 31.2 27.5 29.3 30.3 30.2 28.2 27.8 28.7 29.2 31.6 36.5 38.0Private UGDP - 13.9 18.0 20.5 19.3 18.8 20.7 24.5 25.8 23.4 19.8 21.7 23.5 23.3 20.8 20.8 22.8 23.5 25.4 28.8 28.8Public I/GDP - 6.5 5.0 4.9 5.7 5.2 6.2 6.4 6.9 7.8 7.7 7.6 6.8 6.9 7.4 7.1 5.9 5.7 6.2 7.7 9.2

MadagascarGDFUGDP- - - - - - - - - - - - 8.6 8.6 9.0 10.1 13.3 13.4 14.8 11.4

Private UGDP - - - - - - - - - - - - 2.2 2.6 3.6 3.1 6.4 3.7 6.9 4.7

Public I/GDP - - - - - - - - - - - - - 6.4 6.0 5.4 7.0 6.9 9.7 7.9 6.7

MalawiGDFUGDP - - 20.4 18.9 24.9 22.1 22.2 30.9 26.8 22.2 15.1 14.5 13.7 13.1 13.3 12.0 12.8 14.6 15.9 16.2 16.8Private UGDP - - - 7.8 7.3 7.8 8.5 9.4 12.3 7.5 4.7 4.9 6.1 5.4 3.3 5.0 2.0 5.0 6.8 8.6 7.9 8.5Public I/GDP - - - 12.6 11.6 17.1 13.6 12.8 18.6 19.3 17.5 10.2 8.4 8.3 9.8 8.3 10.0 7.8 7.8 7.3 8.3 8.3


Countries/Nears 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

MalaysiaGDFI/GDP 18.9 22.1 23.9 23.7 26.9 26.6 23.4 24.3 24.7 26.4 31.1 36.0 36.4 36.1 31.9 29.8 26.4 22.9 24.1 29.3 32.4 35.5Private l/GDP 12.8 15.5 15.2 16.5 19.3 16.6 14.0 14.2 15.7 17.5 19.5 19.9 18.2 17.7 16.8 15.8 14.3 13.8 15.4 18.5 20.9 24.1PublicUIGDP 6.1 6.6 8.7 7.2 7.6 10.0 9.4 10.1 9.0 8.9 11.6 16.1 18.2 18.4 15.1 14.0 12.1 9.1 8.7 10.8 11.5 11.4

maliGDFU/GDP - - - - - - - - - - - - - 20.1 20.1 21.0 22.2 22.5Private i/GODP - - - - - - - - - - - - 10.1 11.1 11.8 12.8 11.2Public UGDP - - - - - - - - - - - - 10.0 9.0 9.2 9.4 11.3

MauritiusGDFI/GDP - - - - 28.4 27.7 28.3 25.7 23.3 22.0 17.9 18.0 18.0 18.6 19.8 21.6 28.8 26.6 31.6 29.1Private ilGDP - - - - 20.3 18.9 18.3 17.7 14.9 13.5 11.5 11.6 12.3 12.6 12.8 14.3 16.6 19.5 20.0 19.4Public I/GDP - - - - - 8.1 8.8 10.0 8.0 8.4 8.5 6.4 6.4 5.7 6.0 7.0 7.3 12.2 7.1 11.6 9.7

MexicoGDFl/GDP 19.8 17.8 18.9 19.2 19.9 21.4 21.0 19.7 21.2 23.7 24.8 26.4 23.0 17.6 17.9 19.1 19.4 18.4 19.1 18.2 18.9 19.7Private UGDP 13.2 13.2 12.8 11.7 12.3 12.4 12.8 11.9 12.8 13.5 13.9 14.3 12.8 11.0 11.3 12.5 12.9 12.9 14.7 14.4 14.8 15.1Public I/GDP 6.6 4.6 6.1 7.5 7.6 9.0 8.2 7.8 8.4 10.2 10.9 12.1 10.2 6.6 6.6 6.6 6.5 5.5 4.4 3.8 4.1 4.6

MoroccoGDFl/GDP - - - - - - - - 22.2 26.0 27.3 24.4 23.1 23.1 21.3 20.2 20.5 23.1 24.6 -Private i/GDP - - - - - - - - 11.8 11.4 13.4 11.8 11.2 12.1 12.2 11.6 11.9 12.9 14.5Public I/GDP - - - - - - - - 10.4 14.6 13.9 12.6 11.9 11.0 9.1 8.6 8.6 10.2 10.1 -

NepalGDFl/GDP - - - - - 13.5 14.0 14.9 16.7 14.7 15.8 15.8 17.6 19.5 17.6 21.2 18.8 20.0 18.8 18.2 15.8 18.7Private UGDP - - - 10.4 10.4 10.9 11.1 9.6 9.5 9.1 9.6 10.8 9.6 13.0 11.0 12.0 10.8 9.6 8.4 12.1Public I/GDP - - - - 3.1 3.6 4.0 5.6 5.1 6.3 6.7 8.0 8.7 8.0 8.2 7.8 8.0 8.0 8.6 7.4 6.6

NigeriaGDFI/GDP - - - - - - - - 21.4 15.3 11.4 5.8 6.8 9.5 12.6 11.7 12.9 -Private UGDP - - - - - - - - - - 6.0 4.7 3.3 1.4 1.5 2.1 3.6 3.5 4.0 -Public I/GDP - - - - - - - - - - 15.4 10.6 8.1 4.4 5.3 7.4 9.0 8.2 8.9 - -

PakistanGDFl/GDP 14.3 14.0 12.6 11.5 12.2 14.4 18.2 18.6 17.3 17.0 17.1 16.8 17.5 16.5 16.5 17.1 17.4 16.5 17.3 17.2 17.1 17.1Private UGDP 7.3 7.0 6.6 5.6 4.4 4.6 5.9 6.2 5.8 5.8 7.7 7.2 7.6 7.5 7.6 7.8 7.7 7.7 8.3 8.9 8.9 9.4Public IGDP 7.0 7.0 6.0 5.9 7.8 9.8 12.3 12.4 11.5 11.2 9.4 9.6 9.9 9.0 8.9 9.3 9.7 8.8 9.0 8.3 8.2 7.7


Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Papua New GuineaGDFI/GDP - - - 25.4 30.3 29.7 23.8 18.4 21.1 22.3 26.8 30.1 29.6 32.6Private UGDP - - - - - - 16.7 24.0 23.6 17.6 12.1 14.6 16.2 18.8 22.5 22.8 26.7Public IIGDP - - - - - - - - - 8.7 6.3 6.1 6.2 6.3 6.5 6.1 8.0 7.6 6.8 5.9

ParaguayGDFUGDP 14.8 14.0 15.5 15.6 17.9 19.9 22.7 23.8 25.2 27.0 27.3 27.3 23.6 20.1 21.6 20.7 23.5 23.7 23.2 22.6 22.0 23.7Private VGDP 10.8 10.3 11.0 12.3 15.2 15.7 13.5 15.2 17.9 20.7 22.4 22.5 19.5 16.0 16.2 14.5 16.7 16.6 16.6 17.7 18.6 20.0Public UGDP 4.0 3.7 4.5 3.3 2.7 4.2 9.2 8.6 7.3 6.3 4.9 4.8 4.1 4.1 5.4 6.2 6.8 7.1 6.6 4.9 3.4 3.7

PeruGDFI/GDP -. 28.8 29.7 23.7 21.0 18.2 20.5 19.8 22.1 16.2 14.2 13.9Private UGDP - - - - - - - - - 21.5 21.3 15.0 12.8 12.0 15.1 15.3 17.9 12.7 12.0 12.2Public I/GDP - - - - - - - - - - - 7.3 8.5 8.7 8.1 6.2 5.4 4.4 4.2 3.5 2.3 1.7

PhilippinesGDFVGDP - . . . . 24.7 26.4 25.1 25.2 27.5 27.3 27.7 27.5 29.8 24.5 17.4 16.8 16.9 17.9 20.9 21.8 19.9Private YGDP - - - . 20.6 16.1 17.9 18.2 20.1 18.8 16.8 20.0 23.7 19.1 13.7 14.0 14.0 15.6 17.0 16.6 14.1Public U/GDP - - - - - 4.1 10.3 7.2 7.0 7.4 8.5 10.9 7.5 6.1 5.4 3.7 2.8 2.9 2.3 3.9 5.2 5.8

SingaporeGDFIIGDP 32.5 36.6 37.7 35.1 38.1 35.9 36.1 33.6 35.7 36.7 40.6 43.6 47.4 47.5 47.7 42.2 37.7 36.1 35.1 36.7 37.3 39.9Private UGDP 26.2 30.5 29.0 28.1 29.5 26.0 24.5 22.4 24.6 27.9 30.7 33.0 33.8 31.8 31.9 26.9 21.9 23.4 26.8 30.0 30.4 31.9Public I/GDP 6.3 6.1 8.7 7.0 8.6 9.9 11.6 11.2 11.1 8.8 9.9 10.6 13.6 15.7 15.8 15.3 15.8 12.7 8.3 6.7 6.9 7.9

SomaliaGDFIUGDP - - - - - - - 43.0 23.1 25.1 26.4 22.7 21.9 22.7 23.6 14.3 19.0 16.9 -

Private UGDP - - - - - - - - - - 21.9 5.4 13.5 8.8 9.3 6.2 6.9 6.3 2.3 2.6 2.8 -

Public i/GDP - - - - - - - 21.1 17.7 11.6 17.6 13.4 15.7 15.8 17.3 12.0 16.4 14.1

South AfricaGDFl/GDP - - - - - - - - - - - - - 24.5 23.3 20.2 19.1 19.9 20.8 20.2 18.2Private UGDP - - - - - - - - - - - - 14.6 13.1 11.6 11.8 13.3 13.8 13.4 12.4Public I/GDP - - - - - - - - - - 9.9 10.2 8.6 7.3 6.6 7.0 6.7 5.8

Sri LankaGDVGDP 18.1 16.6 16.0 14.8 13.1 13.9 15.3 13.8 19.8 25.2 31.3 27.4 29.6 28.5 25.9 22.9 23.2 22.9 22.0 21.2 21.9 22.7Private UGDP 10.2 9.9 9.9 9.5 8.0 8.2 7.9 7.2 7.9 13.0 12.9 12.7 13.3 14.3 12.3 10.1 10.6 11.7 12.1 12.9 13.2 13.9Public UGDP 7.9 6.7 6.1 5.3 5.1 5.7 7.4 6.6 11.9 12.2 18.4 14.7 16.3 14.2 13.6 12.8 12.6 11.2 9.9 8.3 8.7 8.8


Counties/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

ThailandGDFUGDP 23.8 23.3 22.7 22.4 23.3 22.9 22.9 26.0 25.3 25.6 25.2 24.7 23.4 24.0 24.5 23.6 21.8 23.6 27.1 30.5 34.0 34.6Private UGDP 16.7 16.6 16.0 17.3 19.6 17.7 16.1 18.6 17.6 18.0 16.3 15.8 15.3 15.9 16.1 14.6 14.1 17.3 22.0 25.3 26.7 26.7Public UGDP 7.1 6.7 6.7 5.1 3.7 5.2 6.8 7.4 7.7 7.6 8.9 8.9 8.1 8.1 8.4 9.0 7.7 6.3 5.1 5.2 7.3 8.0

Trinidad and TobagoGDFI/GDP - - - - - 33.4 26.0 21.6 20.5 22.2 19.9 13.1 16.7 13.7Private UGDP - - - - - - - - 16.1 16.1 15.0 14.4 17.6 13.4 8.0 12.5 10.5 -Public UiGDP - - - - - - - - - - 17.3 9.9 6.6 6.1 4.6 6.5 5.1 4.2 3.2

TunisiaGDFUGDP 20.4 19.8 19.8 20.5 20.8 25.7 29.0 30.7 30.9 30.5 28.4 31.1 34.0 31.8 30.7 26.8 24.1 20.3 19.5 22.4 26.2 23.1Private UGDP 8.5 7.7 8.8 10.7 10.5 12.3 11.6 10.9 11.7 12.0 13.3 14.8 15.4 14.2 13.6 12.3 10.7 9.3 9.8 12.4 14.5 10.8Public UIGDP 11.9 12.1 11.0 9.8 10.3 13.4 17.4 19.8 19.2 18.5 15.1 16.3 18.6 17.6 17.1 14.5 13.4 11.0 9.7 10.0 11.7 12.3

TurkeyGDFUGDP 22.5 20.2 21.7 21.4 19.9 22.1 24.4 25.7 23.1 21.9 20.8 20.3 20.0 18.5 18.1 20.1 23.2 24.1 24.0 22.8 22.6 22.8Private UGDP 12.6 11.6 13.0 12.9 11.3 11.7 13.2 13.2 12.4 10.7 9.5 8.1 8.1 8.3 8.3 8.4 9.8 11.2 12.6 12.4 12.8 12.3Pubiic VGDP 9.9 8.6 8.7 8.5 8.6 10.4 11.2 12.5 10.7 11.2 11.3 12.2 11.9 10.2 9.8 11.7 13.4 12.9 11.4 10.4 9.8 10.5

UruguayGDFI/GDP 11.8 11.5 9.8 9.0 10.3 13.3 15.5 15.2 16.0 16.2 16.7 15.8 15.1 13.7 10.9 9.6 9.9 11.4 11.9 11.6 11.2 11.9Private UGDP 8.8 8.3 7.5 7.1 7.7 8.7 9.0 8.2 8o 9.7 11.4 10.7 7.9 8.6 6.4 6.1 6.2 7.4 7.9 7.2 7.7 7.8Public I/GDP 3.0 3.2 2.3 1.9 2.6 4.6 6.5 7.0 8.0 6.5 5.3 5.1 7.2 5.1 4.5 3.5 3.7 4.0 4.0 4.3 3.6 4.2

VenezuelaGDFUGDP - - - - - - - - - 16.0 17.3 20.4 21.2 22.8 16.9 14.2 17.8Private UGDP - - - - - - . . 10.5 10.5 10.9 12.2 12.4 7.9 4.9 8.2Public UIGDP - - - - - - - - - - - - - 5.5 6.8 9.5 9.1 10.5 9.0 9.2 9.6

ZimbabweGDFVGDP 16.1 17.8 18.1 21.3 22.6 23.4 19.8 17.2 14.5 14.0 15.3 18.8 20.1 20.0 18.5 15.6 15.7 18.1 18.5 18.2 21.0 22.0Private UGDP 9.6 11.2 11.4 13.4 14.2 13.7 11.2 10.1 8.4 9.2 10.6 13.4 10.1 8.4 8.7 6.4 8.5 9.9 7.0 9.3 10.7 12.0Public i/GDP 6.5 6.6 6.7 7.9 8.4 9.7 8.6 7.1 6.1 4.8 4.7 5.4 10.0 11.6 9.8 9.2 7.2 8.2 11.5 8.9 10.3 10.0

Table 2. Gross Domestic ProductLocal currency, current prices, billions

Countries/Years 1 970 1971 1972 1973 1 974 1975 1976 1977 1978 1979 1 980

Argentina 101.93 105.70 107.80 111.68 118.43 117.98 117.52 125.45 121.38 129.90 133.16Bangladesh 31.73 30.88 27.74 45.11 71.09 125.74 107.06 105.36 146.37 172.82 197.98Belize - - 0.10 0.12 0.16 0.19 0.19 0.21 0.23 0.31 0.35Bolivia - - - - - -122.95Chile 0.10 0.01 0.23 1.15 9.20 35.45 128.68 287.77 487.51 772.20 1075.27Colombia 132.80 155.90 189.60 243.20 322.40 405.10 532.30 716.00 909.50 1188.80 1579.10Costa Rica 6.50 7.10 8.20 10.16 13.22 16.80 20.70 26.30 30.20 34.60 41.40Cole d'lvoire - - - - - - - -- 2221.60Dominican Republic 1.49 1.67 1.99 2.34 2.93 3.60 3.95 4.59 4.73 5.50 6.63Ecuador 35.00 40.00 46.90 62.20 92.80 107.70 132.90 166.40 191.30 234.00 293.30Egypt 4 .El Salvador - 0 - - 4.48 5.71 7.17 7.69 8.81 8.92FIJI 0.19 0.21 0.26 0.34 0.45 0.56 0.62 0.71 0.79 0.85 0.98Ghana . 5 6Guatemala 1.90 1.98 2.10 2.57 3.16 3.65 4.37 5.48 6.07 6.90 7.88GtAnea - . . . .Inda 482.64 433.56 478.65 589.40 695.95 740.84 801.98 898.15 978.60 1076.58 1358.10Indonesia - - - - - - - - 24246.00 34840.00 48914.00Iran -- - 6622.00Kenya - - - - -- - - 2.70Korea 2759.80 3409.70 4193.90 5396.80 7631.30 10223.90 13995.70 17985.20 24242.50 31224.10 37914.90Madagascar - 3 53.30Malaysia 12.85 13.53 14.85 19.55 23.87 23.32 29.33 33.77 37.88 46.42 53.30Malawi - - - 0.36 0.46 0.53 0.61 0.73 0.80 0.86 1.01

Mauritius - - - - - - 4.70 5.44 6.26 7.64 8.70Mexico 479.00 529.00 610.00 746.00 966.00 1179.00 1471.00 1972.00 2491.00 3255.00 4470.00Morocco -7409Nepal - - - - - 16.57 17.39 17.28 19.73 22.21 23.35Nigeria . 1Pakistan 47.75 50.49 54.06 66.87 86.85 112.27 132.05 149.75 176.33 194.91 278.19Papua New Guinea - 51 . 0-46Paraguay 74.92 83.74 96.90 125.44 168.02 .190.44 214.07 263.61 322.54 430.51 560.46Peru .

Philippines - - - - - 107.95 127.21 145.46 167.25 202.90 243.75Singapore 5.80 6.84 8.19 10.26 12.61 13.44 14.65 16.04 17.83 20.52 25.09Somalia - - - -- - -. - . 17.37South Africa 12.47 13.77 15.54 19.22 23.69 26.65 30.02 33.26 38.25 45.77 60.33Srd Lanka 13.66 14.05 15.25 18.40 23.77 26.58 30.20 36.41 42.66 52.39 66.53Thailand 147.38 153.41 170.07 222.11 279.20 303.31 346.51 403.52 488.22 558.90 658.50Trinidad & Tobago - -1. 4 29.35Tunisia 0.76 0.88 1.07 1.15 1.55 1.74 1.93 2.19 2.48 2.92 3.54Turkey 145.50 187.10 232.10 295.50 409.80 519.20 664.00 863.00 1274.80 2155.90 4328.00Uruguay 0.60 0.72 1.;20 2.60 4.60 8.20 12.60 19.90 30.90 57.60 92.20Venezuela 52.03 57.14 61.50 73.25 112.23 118.10 135.10 155.70 169.06 207.74 254.20Zimbabwe 1.08 1.24 1.42 1.55 1.86 2.00 2.17 2.20 2.36 2.82 3.44

Note: The GDP of Argentina and Bolivia are in constant prices.


1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

ArgentIna 124.92 119.04 122.74 126.08 120.82 128.16 131.00 127.65 122.16 122.68Bangladesh 234.08 260.30 293.43 352.50 406.90 466.20 539.20 597.10 659.60 737.57 802.22Belize 0.35 0.34 0.35 0.39 0.38 0.42 0.51 0.58 0.67 0.73 0.79Bolivia 124.08 118.68 110.94 110.61 110.45 107.21 111.66 114.96 118.22 121.32 126.29Chile 1273.12 1239.12 1557.71 1893.39 2576.64 3246.11 4160.00 5411.00 6779.40 8477.90 10939.20Colombia 1982.80 2497.30 3054.10 3856.60 4965.90 6788.00 8824.40 11731.35 15126.70 20234.05 26393.33CostaRica 57.10 97.50 129.30 163.00 197.90 246.60 284.04 347.60 423.08 522.20 672.90C6oe dlvolre 2291.50 2486.50 2581.90 2869.30 3136.80 3244.30 3117.80 3069.00 2985.00 2693.00 2690.00Dorrinican Republic 7.27 7.96 8.62 10.36 13.97 15.78 19.54 28.35 42.39 60.56 92.26Ecuador 348.70 415.70 560.30 812.60 1109.90 1382.10 1795.00 3109.70 5170.48 8160.08 12149.19Egypt 20.78 24.17 28.50 33.13 38.36 45.25 54.55 65.58 78.91 98.66ElSalvador 8.65 8.97 10.15 11.66 14.33 19.76 23.14 27.36 32.23 41.06 47.73Fiji 1.06 1.11 1.14 1.28 1.32 1.46 1.48 1.59 1.86 2.09 2.20Ghana - - - 270.56 343.05 511.37 746.00 1051.12 1417.21 1903.71 2358.74Guatemala 8.61 8.72 9.05 9.47 11.18 15.84 17.71 20.55 23.64 34.29 47.00Gtunea - - - 665.30 874.60 1131.10 1438.90 1819.70 2214.30Inda 1597.60 1781.32 2075.89 2313.43 2622.43 2929.49 3331.15 3943.76 4506.01 5295.37 -

Indonesia 58127.00 62669.20 77676.30 89750.30 96850.20 102465.30 124508.40 141137.10 166203.80 190375.30 213739.80Iran 8349.00 11152.00 14027.00 15162.00 16556.00 18125.00 21270.00 23587.00 28123.00 36442.00 47411.50Kenya 3.10 3.52 3.98 4.46 5.04 5.87 6.56 7.56 8.64 9.90 11.40Korea 47023.70 52912.70 61002.90 72664.30 808446.90 93425.80 108428.30 127962.70 143001.40 172723.80 207516.90

° Madagascar - - - 1695.00 1893.20 2203.80 2743.10 3436.70 4005.30 4601.60 4863.20Malaysia 57.61 62.57 69.94 79.55 77.47 71.59 79.63 90.86 102.53 115.57 129.54Malawi 1.11 1.25 1.44 1.71 1.95 2.19 2.75 3.58 4.39 5.07 6.10Mali - - - - - - 600.70 615.80 663.20 683.40 691.40Mauritius 10.21 11.73 12.76 14.36 16.62 19.70 23.58 27.80 32.15 37.70 42.16Mexico 6128.00 9798.00 17879.00 29472.00 47392.00 79536.00 193701.00 392715.00 511537.00 678923.49 852783.20Morocco 79.03 92.90 99.14 112.35 129.51 154.73 156.69 181.58 191.58 207.88 -

Nepal 27.30 30.98 33.76 39.39 44.41 50.42 59.24 68.86 77.53 90.82 105.30Nigeria 75.38 76.82 83.56 103.93 110.73 104.95 113.97 154.26 245.57Pakistan 324.16 364.34 419.80 472.16 514.53 572.45 675.34 769.75 856.64 1022.30 1202.35PapuaNewGuinea 1.83 1.90 2.14 2.29 2.42 2.56 2.47 2.76 2.62 2.61 3.10Paraguay 708.69 737.04 818.10 1070.40 1393.90 1833.80 2493.60 3319.10 4608.40 6474.40 8280.80Peru 10.54 17.31 31.14 68.80 188.55 359.53 721.52 4373.91 124004.00 7582729.00 37887000.00Philippines 281.60 317.18 369.08 524.48 571.88 608.89 685.07 802.52 925.16 1074.28 1238.69Singapore 29.34 32.67 36.73 40.05 38.92 38.16 42.61 49.37 56.84 63.67 69.08Somalia 22.05 29.10 35.06 62.32 87.35 120.97 167.54 286.90 618.60 1476.50South Africa 71.08 80.53 91.46 107.22 123.13 142.14 164.52 197.91 233.13 263.81 296.67Sri Lanka 85.01 102.22 124.19 152.76 165.09 182.58 200.22 226.70 251.89 321.75 375.34Thailand 760.20 820.00 910.10 973.40 1014.40 1094.68 1234.03 1506.98 1790.81 2051.20 2350.00Trinidad & Tobago 20.03 19.12 19.69 18.96 17.26 17.27 17.28 18.20 21.15 20.98Tunisia 4.16 4.80 5.50 6.24 6.91 7.00 7.96 8.62 9.66 10.99 12.17Turkey 6413.60 8620.40 11531.80 18212.10 27515.80 39287.70 58300.00 100826.00 167457.00 283187.00 448285.00Uruguay 122.40 128.70 175.42 271.03 478.64 890.45 1661.50 2725.51 4839.23 9698.04 19135.47Venezuela 285.20 291.27 290.49 347.53 372.03 489.17 696.42 873.28 1510.36 2279.26 3036.27Zimbabwe 4.43 5.17 6.22 6.41 7.30 8.38 8.27 11.00 13.07 14.98 19.43

Note: The GDP of Argentina and Bolivia are in constant prices.

Table 3. Breakdown of Investment between Private and Public SecorsPercentage of total investment

Countles/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

ArgentinaPrivate IUGDI 61.8 61.1 60.7 64.8 65.3 60.5 54.4 53.7 53.4 58.4 61.0 57.2 53.6 53.9 63.2 65.5 48.3 57.1 47.0 54.5 60.0 -

PubiIc UGDI 38.2 38.9 39.3 35.2 34.7 39.5 45.6 46.3 46.6 41.6 39.0 42.8 46.4 46.1 36.8 34.5 51.7 42.9 53.0 45.5 40.0 -

BangladeshPrivate UGDI - - - - - 40.9 41.2 45.9 45.1 42.2 48.8 50.4 46.7 46.7 47.86 48.3Public IUGDI - - - - - 59.1 58.8 54.1 54.9 57.8 51.2 49.6 53.3 53.3 52.14 51.7

BelizePrivate UGDI - 67.9 64.7 54.6 65.6 64.5 57.5 41.1 36.8 49.0 53.4 42.8 42.9 55.8 49.5 48.7 64.4 67.9 56.3 45.4 51.8Public UIGDI - - 32.1 35.3 45.4 34.4 35.5 42.5 58.9 63.2 51.0 46.6 57.2 57.1 44.2 50.5 51.3 35.6 32.1 43.7 54.6 48.2

BoliviaPrivate UGDI - 51.4 34.8 50.0 40.0 56.7 51.1 49.0 38.5 33.9 32.8 32.2 32.8Public UGDI - - - - - - - - - 48.6 65.2 50.0 60.0 43.3 48.9 51.0 61.5 66.1 67.2 67.8 67.2

ChilePrivate UODI 57.9 44.8 36.9 6.3 43.4 23.0 37.5 52.4 64.0 70.8 74.3 77.1 57.5 50.0 53.7 49.6 47.9 60.9 48.2 67.5 77.2 74.3Public VGDI 42.1 55.2 63.1 93.7 56.6 77.0 62.5 47.6 36.0 29.2 25.7 22.9 42.5 50.0 46.3 50.4 52.1 39.1 51.8 32.5 22.8 25.7

ColombiaPrivate UGDI 71.8 67.0 68.0 61.7 75.7 69.4 68.8 51.3 62.8 68.0 60.0 58.3 54.1 55.3 52.6 49.5 52.0 47.7 56.4 53.3 53.1 51.0Public VGDI 28.2 33.0 32.0 38.3 24.3 30.6 31.3 48.7 37.2 32.0 40.0 41.7 45.9 44.7 47.4 50.5 48.0 52.3 43.6 46.7 46.9 49.0

Costa RicaPrivate UGDI 77.3 74.2 68.9 71.7 74.2 69.6 64.3 63.4 67.8 66.0 61.5 63.1 64.5 64.4 68.2 63.7 69.0 77.8 78.4 78.2 79.0 78.8Public UGDI 22.7 25.8 31.1 28.3 25.8 30.4 35.7 36.6 32.2 34.0 38.5 36.9 35.5 35.6 31.8 36.3 31.0 22.2 21.6 21.8 21.0 21.2

CMte d'lvoirePrivate UGDI - - - - - - - - - - - - 38.5 40.6 48.1 46.2 44.4Public l/GDI - - - - - - -1 - - - - 61.5 59.4 51.9 53.8 55.6

Dominican RepublicPrivate VGDI 73.3 69.3 61.6 68.0 68.2 67.3 71.7 71.9 70.5 78.7 68.2 70.6 76.5 76.8 78.6 69.4 72.9 54.5 46.9 43.5 46.0 63.3Public l/GDI 26.7 30.7 38.4 32.0 31.8 32.7 28.3 28.1 29.5 21.3 31.8 29.4 23.5 23.2 21.4 30.6 27.1 45.5 53.1 56.5 54.0 36.7

EcuadorPrivate UGDI 59.9 67.4 63.3 61.4 56.0 62.5 58.6 56.8 64.1 61.2 59.7 52.5 57.5 52.1 58.4 59.0 51.1 58.8 59.6 56.5 62.9 68.1Public UIGDI 40.1 32.6 36.7 38.6 44.0 37.5 41.4 43.2 35.9 38.8 40.3 47.5 42.5 47.9 41.6 41.0 48.9 41.2 40.4 43.5 37.1 31.9

EgyptPrivate UGDI - . - - - - - - - 30.2 22.6 21.1 22.9 27.0 33.3 36.0 45.3 41.6 42.4Public I/GDI - - - - - - - - - - 69.8 77.4 78.9 77.1 73.0 66.7 64.0 54.7 58.4 57.6


Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

El SalvadorPrivate UGDI 78.5 74.1 71.6 71.0 66.9 65.2 69.2 65.6 72.9 65.3 47.4 45.9 51.6 60.3 66.1 72.5 80.9 78.7 76.0 73.7 80.5 80.6Public V/GDI 21.5 25.9 28.4 29.0 33.1 34.8 30.8 34.4 27.1 34.7 52.6 54.1 48.4 39.7 33.9 27.5 19.1 21.3 24.0 26.3 19.5 19.4

FiilPrivate UGDI 64.3 62.7 64.7 61.0 61.2 56.5 52.1 49.7 55.0 56.0 53.9 46.6 43.2 46.9 59.9 67.0 67.3 62.8 48.6 42.5 33.7 43.8Public I/GDl 35.7 37.3 35.3 39.0 38.8 43.5 47.9 50.3 45.0 44.0 46.1 53.4 56.8 53.1 40.1 33.0 32.7 37.2 51.4 57.5 66.3 56.2

GhanaPrivate UGDI - - - - - - . .63.8 56.3 22.3 24.0 29.2 42.6 55.1 50.3Public /GDI - -G- - - - - - - - - - - - 36.2 43.8 77.7 76.0 70.8 57.4 46.2 49.7

GuatemalaPrivate UGDI 81.0 78.2 75.4 75.5 80.4 77.6 68.0 68.8 72.0 66.3 59.4 50.0 58.3 56.2 60.4 75.5 80.2 78.2 78.4 77.0 80.2 84.3Public U/GDI 19.0 21.8 24.6 24.5 19.6 22.4 32.0 31.2 28.0 33.7 40.6 50.0 41.7 43.8 39.6 24.5 19.8 21.8 21.6 23.0 19.8 15.7

GuineaPrivate IGDI - - - - - - - - - - - - - - 67.7 67.9 52.7 51.2 53.9 57.9Public UGDI - - - - - - - - - - - - - - - - 32.3 32.1 47.3 48.8 46.1 42.1

IndiaPrivate l/GDI 61.8 60.4 55.0 55.6 61.1 57.5 53.9 55.2 55.4 53.0 55.4 53.5 48.3 48.7 48.7 49.3 46.4 52.1 52.1 53.7 55.7Public VGDI 38.2 39.6 45.0 44.4 38.9 42.5 46.1 44.8 44.6 47.0 44.6 46.5 51.7 51.3 51.3 50.7 53.6 47.9 47.9 46.3 44.3

IndonesiaPrivate /GDI - - - - - - - - - 55.8 51.7 52.2 54.3 49.8 57.7 59.4 57.8 59.6 60.9 61.1Public UGDI - - - - - - - - - - 44.2 48.3 47.8 45.7 50.2 42.3 40.6 42.2 40.4 39.1 38.9

IranPrivate IIGDI - - - - - - - - - 51.2 50.3 42.1 56.1 59.1 61.6 59.4 60.8 58.1 59.2 66.7 60.9Public UGDI . . . 48.8 49.7 57.9 43.9 40.9 38.4 40.6 39.2 41.9 40.8 33.3 39.1

KenyaPrivate l/GDI 69.5 61.7 61.5 54.8 54.7 57.9 58.0 57.6 62.2 54.0 54.7 55.6 54.9 61.7 58.2 60.9 58.9 63.8 58.7 58.1 52.9 55.3Public UGDI 30.5 38.3 38.5 45.2 45.3 42.1 42.0 42.4 37.8 46.0 45.3 44.4 45.1 38.3 41.8 39.1 41.1 36.2 41.3 41.9 47.1 44.7

KoreaPrivate UGDI - 68.1 78.3 80.7 77.2 78.3 77.0 79.3 78.9 75.0 72.0 74.1 77.6 77.2 73.8 74.8 79.4 80.5 80.4 78.9 75.8Public UGDI - - 31.9 21.7 19.3 22.8 21.7 23.0 20.7 21.1 25.0 28.0 25.9 22.4 22.8 26.2 25.2 20.6 19.5 19.6 21.1 24.2


Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

MadagascarPrivate IUGDI - - - - - - - - 25.6 30.2 40.0 30.7 48.1 27.6 46.6 41.2Public U/GDI - - - - - - - - - - - - 74.4 69.8 60.0 69.3 51.9 72.4 53.4 58.8

MalawiPrivate UGDI - - 38.2 38.6 31.3 38.5 42.3 39.8 28.0 21.2 32.5 42.1 39.4 25.2 37.6 16.7 39.1 46.6 54.1 48.8 50.6Public VGDI - 61.8 61.4 68.7 61.5 57.7 60.2 72.0 78.8 67.5 57.9 60.6 74.8 62.4 83.3 60.9 53.4 45.9 51.2 49.4

MalaysiaPrivate VGDI 67.7 70.1 63.6 69.6 71.7 62.4 59.8 58.4 63.6 66.3 62.7 55.3 50.0 49.0 52.7 53.0 54.2 60.3 63.9 63.1 64.5 67.9Public UGDI 32.3 29.9 36.4 30.4 28.3 37.6 40.2 41.6 36.4 33.7 37.3 44.7 50.0 51.0 47.3 47.0 45.8 39.7 36.1 36.9 35.5 32.1

MaliPrivate UGDI - - - - 50.2 55.2 56.2 57.7 49.8Public U/GDI - -l - - - - - - - - - - - - - 49.8 44.8 43.8 42.3 50.2

MauritiusPrivate UGDI - - - - - 71.5 68.2 64.7 68.9 63.9 61.4 64.2 64.4 68.3 67.7 64.6 66.2 57.6 73.3 63.3 66.7

t Public VGDI - - 28.5 31.8 35.3 31.1 36.1 38.6 35.8 35.6 31.7 32.3 35.4 33.8 42.4 26.7 36.7 33.3

MexicoPrivate VGDI 66.7 74.2 67.7 60.9 61.8 57.9 61.0 60.4 60.4 57.0 56.0 54.2 55.7 62.5 63.1 65.4 66.5 70.1 77.0 79.1 78.3 76.6Public IUGDI 33.3 25.8 32.3 39.1 38.2 42.1 39.0 39.6 39.6 43.0 44.0 45.8 44.3 37.5 36.9 34.6 33.5 29.9 23.0 20.9 21.7 23.4

MoroccoPrivate IIGDI - - - - - 53.2 43.8 49.1 48.4 48.5 52.4 57.3 57.4 58.0 55.8 58.9 -

Public UGDI - - - 46.8 56.2 50.9 51.6 51.5 47.6 42.7 42.6 42.0 44.2 41.1 -

NepalPrivate UGDI - 77.0 74.3 73.2 66.5 65.3 60.1 57.6 54.5 55.4 54.5 61.3 58.5 60.0 57.4 52.7 53.2 64.7Public VGDI - - 23.0 25.7 26.8 33.5 34.7 39.9 42.4 45.5 44.6 45.5 38.7 41.5 40.0 42.6 47.3 46.8 35.3

NigeriaPrivate UGDI - - - - - - - - - - 28.0 30.7 28.9 24.1 22.1 22.1 28.6 29.9 31.0 -

Pubfic I/GDI - - - - - - - - - - 72.0 69.3 71.1 75.9 77.9 77.9 71.4 70.1 69.0 - -

PakistanPrivate UGDI 51.0 50.0 52.4 48.7 36.1 31.9 32.4 33.3 33.5 34.1 45.0 42.9 43.4 45.5 46.1 45.6 44.3 46.7 48.0 51.7 52.0 55.0Public IUGDI 49.0 50.0 47.6 51.3 63.9 68.1 67.6 66.7 66.5 65.9 55.0 57.1 56.6 54.5 53.9 54.4 55.7 53.3 52.0 48.3 48.0 45.0


Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Papua New GuineaPrivate UGDI - - - - - - - - - 65.7 79.2 79.5 73.9 65.8 69.2 72.6 70.1 74.8 77.0 81.9Public IVGDI - - - - - - - 34.3 20.8 20.5 26.1 34.2 30.8 27.4 29.9 25.2 23.0 18.1

ParaguayPrivate UGDI 73.0 73.6 71.0 78.8 84.9 78.9 59.5 63.9 71.0 76.7 82.1 82.4 82.6 79.6 75.0 70.0 71.1 70.0 71.6 78.3 84.6 84.4Public i/GDI 27.0 26.4 29.0 21.2 15.1 21.1 40.5 36.1 29.0 23.3 17.9 17.6 17.4 20.4 25.0 30.0 28.9 30.0 28.4 21.7 15.5 15.6

PhilippinesPrivate UGDI - - - - 83.4 61.0 71.3 72.2 73.1 68.9 60.6 72.7 79.5 78.0 78.7 83.3 82.8 87.2 81.3 76.1 70.9Public VGDI - - - - 16.6 39.0 28.7 27.8 26.9 31.1 39.4 27.3 20.5 22.0 21.3 16.7 17.2 12.8 18.7 23.9 29.1

PeamPrivate U/GDI - - - - - - - - 74.7 71.7 63.3 61.0 65.9 73.7 77.3 81.0 78.4 84.5 87.8Public UGDI - - - - - - - - - - 25.3 28.3 36.7 39.0 34.1 26.3 22.7 19.0 21.6 15.5 12.2

SingaporePrivate UGDI 30.6 83.3 76.9 80.1 77.4 72.4 67.9 66.7 68.9 76.0 75.6 75.7 71.3 66.9 66.9 63.7 58.1 64.8 76.4 81.7 81.3 79.9

t Public U/GDI 19.4 16.7 23.1 19.9 22.6 27.6 32.1 33.3 31.1 24.0 24.4 24.3 28.7 33.1 33.1 36.3 41.9 35.2 23.6 18.3 18.7 20.1

SomaliaPrivate UGDI - - - - - - - 50.9 23.4 53.8 33.3 41.0 28.3 30.4 26.7 16.1 13.7 18.6 -Public I/GDI - - - - - - - - 49.1 76.6 46.2 66.7 59.0 71.7 69.6 73.3 83.9 86.3 83.4 -

South AfricaPrivate UGDI - - - - - - - - - - - 59.6 56.2 57.4 61.8 66.8 66.3 66.3 68.1Public U/GDI - - - - - - - - - - - 40.4 43.8 42.6 38.2 33.2 33.7 33.2 31.9

Sri LankaPrivate UGDI 56.4 59.6 61.9 64.2 61.1 59.0 51.6 52.2 39.9 51.6 41.2 46.4 44.9 50.2 47.5 44.1 45.7 51.1 55.0 60.8 60.3 61.2Public UGDI 43.6 40.4 38.1 35.8 38.9 41.0 48.4 47.8 60.1 48.4 58.8 53.6 55.1 49.8 52.5 55.9 54.3 48.9 45.0 39.2 39.7 38.8

ThailandPrivate VGDI 70.2 71.2 70.5 77.2 84.1 77.3 70.3 71.5 69.6 70.3 64.7 64.0 65.4 66.3 65.7 61.9 64.7 73.3 81.2 83.0 78.5 77.2Public i/GDI 29.8 28.8 29.5 22.8 15.9 22.7 29.7 28.5 30.4 29.7 35.3 36.0 34.6 33.8 34.3 38.1 35.3 26.7 18.8 17.0 21.5 23.1

TunisiaPrivate UGDI 41.7 38.9 44.4 52.2 50.5 47.9 40.0 35.5 37.9 39.3 46.8 47.6 45.3 44.7 44.3 45.9 44.4 45.8 50.3 55.4 55.3 46.8Public VGDI 58.3 61.1 55.6 47.8 49.5 52.1 60.0 64.5 62.1 60.7 53.2 52.4 54.7 55.3 55.7 54.1 55.6 54.2 49.7 44.6 44.7 53.2


Countries/Years 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

TurkeyPrivate UGDI 56.0 57.4 59.9 60.3 56.8 52.9 54.1 51.4 53.7 48.9 45.7 39.9 40.5 44.9 45.9 41.8 42.2 46.5 52.5 54.4 56.6 53.9Public IUGDI 44.0 42.6 40.1 39.7 43.2 47.1 45.9 48.6 46.3 51.1 54.3 60.1 59.5 55.1 54.1 58.2 57.8 53.5 47.5 45.6 43.4 46.1

UruguayPrivate UGDI 74.6 72.2 76.5 78.9 74.8 65.4 58.1 53.9 50.0 59.9 68.3 67.7 52.3 62.8 58.7 63.5 62.6 64.9 66.4 62.6 68.1 65.0Public IGDI 25.4 27.8 23.5 21.1 25.2 34.6 41.9 46.1 50.0 40.1 31.7 32.3 47.7 37.2 41.3 36.5 37.4 35.1 33.6 37.4 31.9 35.0

VenezuelaPrivate UGDI - - 65.6 60.7 53.4 57.2 54.1 46.7 34.8 46.1Public I/GDI - - - - - - - - - 34.4 39.3 46.6 42.8 45.9 53.3 65.2 53.9

ZimbabwePrivate UGDI 59.6 62.9 63.0 62.9 62.8 58.5 56.6 58.7 57.9 65.7 69.3 71.3 50.2 42.0 47.0 41.0 54.1 54.7 37.8 51.1 51.0 54.5Public UIGDI 40.4 37.1 37.0 37.1 37.2 41.5 43.4 41.3 42.1 34.3 30.7 28.7 49.8 58.0 53.0 59.0 45.9 45.3 62.2 48.9 49.0 45.5

- = Not available

Table 4a. Annual Averages In Investment Shares for 47 Developing Countries

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Sinple Arithmetic Averages

Total 23.0 22.6 21.1 19.3 18.6 18.4 18.8 18.9 19.6 20.2 20.7Private 13.0 12.5 11.8 11.0 10.1 10.1 10.8 11.0 11.6 12.0 13.1Public 10.0 10.1 9.3 8.2 8.4 8.3 8.1 7.9 7.9 8.1 7.7

Weighted Averages

Total 23.9 23.3 22.2 21.5 20.9 20.4 20.3 20.9 21.1 22.1 23.7Private 14.0 13.2 13.2 13.0 12.3 12.0 12.9 13.7 14.2 15.1 16.4Public 9.9 10.1 9.0 8.6 8.6 8.4 7.6 7.3 7.0 7.2 7.3

Table 4b. Average Breakdown of Investment between Private and Public Sectorsfor 47 Developing Countries

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Simple Arithmetic Averages

Private 56.4 55.4 55.9 57.3 54.6 55.0 57.2 58.2 59.4 59.6 63.2Public 43.6 44.6 44.1 42.7 45.4 45.0 42.8 41.8 40.6 40.4 36.8

Weighted Averages

Private 58.4 56.8 59.5 60.3 58.6 58.9 63.6 65.4 67.5 68.3 69.2Public 41.6 43.2 40.5 39.7 41.4 41.1 36.4 34.6 32.5 31.7 30.8

Note 4a,b. The trends in averages should be interpreted with caution, espedally in comparing 1991 to 1990,because the following data are not available:1981-1983: Ghana, Madagascar, South Africa, and Venezuela;1981-1984: Guyana;1981-1985: Guinea;1981-1986: C6te d'lvoire and Mali;1981: Trinidad and Tobago;1991: Argentina, India, Morocco, Nigeria (also in 1990), Somalia, Trinidad and Tobago.

26

Table Sa. Investment Shares for East Asia

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991


Total % of GDP 30.1 29.5 30.5 30.4 27.8 24.8 23.3 23.2 24.3 26.7 29.2Private % of GDP 18.5 19.6 19.9 18.4 15.8 15.2 16.1 17.6 19.6 20.8 21.7Public% of GDP 9.7 11.0 10.9 10.5 9.4 9.0 8.2 7.1 6.7 7.1 8.3Private % of Total I 61.4 66.4 65.3 60.5 56.9 61.1 69.0 75.8 80.9 77.9 74.3Public % of Total I 38.6 33.6 34.7 39.5 43.1 38.9 31.0 24.2 19.1 22.1 25.7

Weighted Averages

Total % of GDP 30.8 28.1 29.3 29.8 28.6 26.2 25.1 25.2 26.2 28.8 32.2Private % of GDP 18.5 19.5 20.4 19.7 17.2 17.0 18.3 19.8 21.9 24.1 24.4Public % of GDP 8.6 9.6 9.9 9.5 8.9 9.0 8.1 6.8 6.3 6.8 8.0Private % of Total I 60.3 69.3 69.6 66.0 60.1 64.8 73.1 78.6 83.7 83.8 75.6Public % of Total I 39.7 30.7 30.4 34.0 39.9 35.2 26.9 21.4 16.3 16.2 24.4

a. Fiji, Indonesia, Korea, Malaysia, Papua New Guinea, Philippines, Singapore, Thailand.

Table 5b. Investment Shares for Latin America

1 981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Siir-ple Arithmetic Averages

Total %of GDP 21.0 21.4 19.7 16.6 16.2 16.2 17.0 18.5 18.0 18.1 17.3Private % of GDP 13.3 11.7 10.0 10.3 9.4 10.0 11.0 10.9 10.7 10.1 12.1Public % of GDP 7.9 8.1 8.1 6.6 5.8 6.7 7.0 7.5 7.1 7.3 7.1Private % of Total I 63.2 54.6 50.7 62.2 58.5 61.7 64.9 59.0 59.8 56.0 70.3Public % of Total I 36.8 45.4 49.3 37.8 41.5 38.3 35.1 41.0 40.2 44.0 29.7

Weighted Averages

Total%ofGDP 21.1 24.0 20.9 17.0 16.6 16.9 17.0 17.7 18.0 16.3 15.6Private % of GDP 14.0 11.9 10.2 10.3 10.6 10.6 11.4 12.0 11.3 11.0 12.9Public % of GDP 8.6 9.9 8.8 6.8 6.3 6.2 6.4 6.2 5.9 5.0 4.6Private % of Total 1 66.6 49.7 48.9 60.6 63.9 62.6 67.2 68.2 62.4 67.9 82.4Public%of Total I 33.4 50.3 51.1 39.4 36.1 37.4 32.8 31.8 37.6 32.1 17.6

b. Argentina, Belize, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,Guyana, Mexico, Paraguay, Peru, Trinidad and Tobago, Uruguay, Venezuela.

Note 5b. The trends in averages should be interpreted with caution, since the following data are not available:1981-1983: Venezuela; 1981-1984: Guyana; 1981 and 1991: Trinidad and Tobago; and 1991: Argentina.

27

Table 5c. Investment Shares for South Asia

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Sirple Arithmetic Averages


Weighted Averages

Total % of GDP 19.3 19.3 19.8 18.8 18.9 20.0 19.9 19.9 19.7 20.2 19.3Private % of GDP 10.0 9.3 9.1 9.1 9.9 9.2 10.3 10.4 10.4 9.6 8.8Public % of GDP 8.9 9.4 10.4 9.7 9.8 10.2 10.8 9.9 9.7 9.4 9.3Private % of Total I 51.6 48.2 46.0 48.3 52.2 45.8 51.4 52.3 52.9 47.7 45.8Public % of Total I 48.4 51.8 54.0 51.7 47.8 54.2 48.6 47.7 47.1 52.3 54.2

c. Bangladesh, India, Nepal, Pakistan, Sri Lanka.Note 5c. The average for 1991 should be interpreted with caution, since the figure for India is not available.

Table Sd. Investment Shares for Sub Saharan Africa

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991


Total %of GDP 26.0 20.5 18.9 18.1 14.8 14.6 14.9 16.1 15.5 16.2 17.2Private % of GDP 8.6 9.0 7.5 5.7 5.4 5.2 6.3 6.4 6.9 8.1 8.4Public% of GDP 13.5 11.9 9.9 10.6 8.0 8.2 8.3 8.6 8.4 8.7 8.6Private % of Total I 33.1 43.9 39.8 31.6 36.6 35.8 42.6 39.8 44.9 50.1 49.1Public % of Total 1 66.9 56.1 60.2 68.4 63.4 64.2 57.4 60.2 55.1 49.9 50.9

Weighted Averages


d. Ghana, Cote d'lvoire, Guinea, Kenya, Madagascar, Malawi, Mali, Nigeria, Somalia, South Africa, Zimbabwe.Note Sd. The trends in averages should be interpreted with caution, since the following data are not available:

1981-1983: Ghana, Madagascar, South Africa; 1981-1985: Guinea; 1981-1986: Cote d'lvoire and Mali;1990-1 991: Nigeria; and 1991: Somalia.

28

Appendix 3.Graphs

All Countries: Simple Averages of Investment% of GDP

25-

52 -----------

15-

10

81 82 83 84 85 86 87 88 89 90 91

All Countries: Weighted Averages of Investment% of GDP

2 0 -- - - - - - - - - - - - -

1 5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

10 1 _ -- =

81 82 83 84 85 86 87 88 89 90 91

S * ~Total Investment --- O Private Public

30

East Asia: Simple Averages of Investment%ofGDP

35 r ----------------------------------------------------

3 0 - - -- - - - - - -- - -- - -

25

2 0---- - - - - - - - - - -

15 0------------ ------------------

81 82 83 84 85 86 87 88 89 90 91

East Asia: Weighted Averages of Investment% of GOP

35

81 82 83 84 85 86 87 88 89 90 91

31

Latin America: Simple Averages of Investment%ofGDP

25~~~~~~~~~3

2 0 - - - - - - - - - - - - - - - -

1 5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

10 F---------- -- ----------

81 82 83 84 85 86 87 88 89 90 91

Latin America: Weighted Averages of Investment% of GDP

2 5 --- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2 0 - - - - - - - - - - - - - - - - - - - - -

1 5 - - - - - - -- - - - - -- -

10 --- -----------------------

5 ------------- ------

81 82 83 84 85 86 87 88 89 90 91

Total Investment - O Private Public

32

South Asia: Simple Averages of Investment%ofGDP

2 82-3-8-8-86 87-8-9-9-9

20

1 5

0 I

81 82 83 84 85 86 87 88 89 90 91

South Asia: Weighted Averages of Investment% of GDP

205

10[t 0 --zz -

O I I 81 82 83 84 85 86 87 88 89 90 91

*Total Investment -D Private Public

33

Sub Saharan Africa: Simple Averages of Investment% of GDP

30 r------------------------------------------------------

30

25

20-

81 82 83 84 85 86 87 88 89 90 91

Sub Saharan Africa: Weighted Averages of Investment%ofGDP

2 0 -- --------

10 I -------- I I I .

5 4

81 82 83 84 85 86 87 88 89 90 91

*---- Total Investment U- Private - Public

34

Regions: Total Investment, Simple Averages%ofGDP

35 r-----------------------------------------------------

25 - ------- - --- ---------

2 0 -- - - - - -- - - - - - -- - -

1 0

5

081 82 83 84 85 86 87 88 89 90 91

Regions: Total Investment, Weighted Averages% of GDP

35 r------------------------------------------------ ------

30

81 82 83 84 85 86 87 88 89 90 91

i s Sb EastAsia - Latin SouthAsiaSaharan America &Africa Carbbean

35

Regions: Private investment, Simple Averages% of GDP

25

1510

5

81 82 83 84 85 86 87 88 89 90 91

Regions: Private Investment, Weighted Averages% of GDP

2 0 --- --- - - - - --- -- - - - -

1 5 - -- -- -- --- - - --- - - --- - - --- - - --- - - ---- - ---- - - - - - - - - - - -

10 =

25

81 82 83 84 85 86 87 88 89 90 91

Sub East Asia - Latin O South AsiaSaharan America &Africa Caribbean

36

Regions: Public Investment, Simple Averages%ofGDP

81 82 83-----84--- 85--- 86--- 87--- 88--- 89-- 90--- 91-

2-

81 82 83 84 85 86 87 88 89 90 911 0 - - - - - - - - - - - - - - - - - - - - - - - -

8 S Et- - i------u - -- --4-u

81 82 83 84 85 86 87 88 89 90 91

Saharan America &Africa Caribbean

37

Argentina%ofGDP

2 5 --- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

70 72 74 76 78 80 82 84 86 88 90

Bangladesh%ofGDP

20 12 ------------ --

70 72--4--6- -8- -0-82 84 86 88 90

10 -------------------------------------------

82 84 86 88 90

*Total Investment c --Private Publici

38

Belize% ofGDP

3 0 -----------------------------------------

25 768 86 88-90

1 5 --------X e

1 0 --- ------ ',-/--

72 74 76 78 80 82 84 86 88 90

Bolivia% ofGDP

16

14 - -12 .

10 X

80 82 84 86 88 90

*s--- Total Investment ---- Private * Public

39

Chile% ofGDP

5 -----------'

2 . . .70 72 74 76 78 80 82 84 86 88 90

Colombia% ofGDP

70 72 74 76 78 80 82 . 84 86 88 90

*Total Investment Private Publl

40

Costa Rica% of GDP

2 0 - - - - - - - - - - - - - - - - - - - - -s ^

1 5 0 = U --- I -- - -- -

1 0 - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - -

70 72 74 76 78 80 82 84 86 88 90

C8te d'lvoire%ofGDP

10 ---

6 --- - -- - - - - - - - - - - - - - - - - -

4 =---------

88 90

Total Investment Private Public

41

Dominican Republic%ofGDP

70 70 72 74 76 78 80 82 84 86 88 90

Ecuador% of GDP

1 0 - - - - - - - - - -

70 72 74 76 78 80 82 84 86 88 90

* Total Investment Private * Public

42

Egypt% ofGDP

25

is Total---- vest-e-t----- -- ---- P--va----P-bl -30 |~~~~~~~~4

10 p--------------------------

10 -- - -- - - --------------- -- -- - -- -- - -- -- -

82 84 86 88 90

El Salvador% of GDP

2 0 - - - - - -- - - - - - - - - - - - - - - - -

1 -- - - - --- '- - -- - - - - - - - -- - -- - - - - -- - --

10[ -----------

5 - - - - - - -- - - - -- - - -

70 72 74 76 78 80 82 84 86 88 90

*Total Investment -O Private Public

43

Fiji%ofGDP

30

70 72 74 76 78 80 82 84 86 88 90

Ghana%ofGDP

1 8

10

5 - - -- - - - -- - - -- - -- - - - - -- - - - - -- - - - - -- -~ ~ ~ - --

84 86 88 90

| * Total Investment -{ Private * Public X

44

Guatemala%ofGDP

2 5

ts5 - - - - - -~ - - - - - - - - - - - - - - - - - - - -*

O . . . . . . . . .70 72 74 76 78 80 82 84 86 88 90

Guinea% of GDP

16 88 90,-------

12 <~~- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- ----

L -- Totl----ste-t--Prvat---Pbli104

86 88: -90 -----------

| - * Total Investment Private * Public

45

Guyana%ofGDP

4 5

4 0 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

3 5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2 02 5 --------

1 0 ;

5 ---- --- --- --- --- --- - -

086 88 90

India%ofGDP

20 t

0 I E I 1 1 - I J

70 72 74 76 78 80 82 84 86 88 90

j Total Investment - Private ~-Public

46

Indonesia% ofGDP

3 0 r-----------------------------------------------------

25

82 84 86 88 90

Iran% ofGDP

2 5 r------------------------------------------------- -

2 0 --------- -- ~~---- ~~~----- ----

0A

80 82 84 86 88 90

otal Investment Private ----- Pubic

47

Kenya% ofGDP

70 72--- 74--- 76--- 78--- 80--82---84---86---88--90-

30

20 7

15r -------------- A-----4 ---------------------------

1 0 ;- -- - -- - -- - -- - - -

O I . . . . . . I I I70 72 74 76 78 80 82 84 86 88 90

Korea% of GDP

35 -- -- -- - -- -- -- - -- -- -- - -- -- -- t _-------

2 5 -- - - - --

20 t------------ -

15 --- ------------------------

72 74 76 78 80 82 84 86 88 90

* Total Investment --- O Private * Public l

48

Madagascar% of GDP

16

16 --- - - -- - - - -X, '--- -- - -- - -- - -- - -- - -- - -- - -- -

1 4 -- -- - - - - - - - - - - - - - - - - - - - ---

O I

0184 86 88 90

Malawi% ofGDP

2 5 - - - - - - - - - - - - - - - - - - - -

2 0 - - - - - - - - - - - - - - - - - - - - - - -

15 -- - - - -- - - -

10 --- --- -- DE - - - - -e _ , ; _

5 -- - -- -- -- -- -- ----- - -v

74 76 78 80 82 84 86 88 90


49

Malaysia% of GDP

40.

2 5 -- - - - - - - - -_---- t

2 0 | t-- - - - -- - -------- ---------

1 5 r -----

10;

70 72 74 76 78 80 82 84 86 88 90

Mali%ofGDP

1 00 -- - -- - - -- - -- - - -- - -

5-

0*88 90

* Total Investment { Private Public

50

Mauritius% ofGDP

3 0 < - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

20 t= ----- ----15 t------------ ----------

1 0 - - - - - - - - - - - - - - - - - - - - - -

76 78 80 82 84 86 88 90

Mexico% ofGDP

250

70 72 74 76 78 80 82 84 86 88 90

Total Investment Private -Pblic

51

Morocco% ofGDP

30 r----------------------I----------------- -

10 ---

80 82 84 86 88 90

Nepal% of GDP

50 -- - - -- ----

076 78 80 82 84 86 88 90

* Total Investment -Private *Public l

52

Nigeria% ofGDP

25 - - ------------------- ---

20 - -- ---------

15 X- --- -- - ------ -- - - - -- - - - -

0 82 84 86 88

Pakistan% ofGDP

1 8 - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - -

1 4 ---- ------------------------------------------- ______

1 2 -- - - - - - - - - - - - - - - - - - -

1 0 - - -- - - - - - - - - - - - -

8 i -

6 t : : : -: :- --:- --:- ------- ----- -----------4 - - -- - -- - - - - - - - - - - - - - - - - - - -

70 72 74 76 78 80 82 84 86 88 90

* Total Investment ---- Private * Pubic

53

Papua New Guinea% ofGDP

30

30

3 0 -- - - - -- - - - -

25 ----- ---- ----- ------

8 2 8 4 8 6 8 8 8 90

Paraguay% of GDP

23 0 - - - - - - - -- - ----- - - - -- - -

20 5 ---------

15

70 72 74 76 78 80 82 84 86 88 90

| * -- Total Investment - Private Public

54

Peru% ofGDP

2 5 - - - - - - -- - - - -

[ K

10

5 (------- -- -- -- --

82 84 86 88 90

Philippines% of GDP

2 5 - - - -- - - - - - - - - - - - - - - - - - --

20 E\ --

1 5 - - - - - - - - - - - - - - - - - -

1 0 - - - -- - - - - - -- - -

5 -- - - -- - - --- - -- - - -- r

O

76 78 80 82 84 86 88 90

55

Singapore% of GDP

70 8---------------------------- 945 -

40

30 ----- --------25

30

1 5 - - - - - - - - - - - - - - - - - - - -- - -- - - - -1 0 - - - - - -- - - - -- - - - - - - - - - - -

O I I ._ I I .I I I I .

70 72 74 76 78 80 82 84 86 88 90

Somalia% of GDP

20 ----- --- -------_

80 82 84 86 88 90

* Total Investment } Private -~Public

56

South Africa%ofGDP

2 0 * - - - - - - - - - -- - - - - - - - -

0*84 86 88 90

Sri Lanka% of GDP

3 5

30

23 5 --- - - - - - - - - ---- - - --- -- - - -- --- - - - - -- - --- - -- - - - - -- - -- - -- ~~ ~^i S -

1 5 -- - - - - - - - - - - - - -

1 0 ------- -------

70 72 74 76 78 80 82 84 86 88 90

*U- Total Investment D Private + Public

57

Thailand%ofGDP

35 -- -- -- - --------------- - - - - - - - -- - - - - - - -

30 r----------------------------------------------

25 .

tS =----------- = - ----

0

70 72 74 76 78 80 82 84 86 88 90

Trinidad and Tobago% ofGDP

3030 - -------------------- ------ -----------

2 5 - - - - - - - - - - - - - - - - - - - - - - - - - - -

2 0 -- - -- - ---- --------- -- -- -- --

15[

10

82 84 86 88 90

| Total Investment - Private * Public

58

Tunisia%ofGDP

30 72=74 76-78 80-82 84-86 88 -9

20 7 7 78 80 82-8-86-8-9

1 5 ------ Tl v

5~~~~~~~~~5

70 72 74 76 78 80 82 84 86 88 90

Turkey% of GDP

1 0 '- ,D,--- - -)

70 72 74 76 78 80 82 84 86 88 90

*Total Investment -- l Private = Public|

59

Uruguay%ofGDP

16 -- -- -- -- -- -- - - -- / 1 -~ - --- -- --- -- --- -- --

1 4 -- - - - - ----------- ---_

2

10

70 72 74 76 78 80 82 84 86 88 90

Venezuela%ofGDP

2 0 - - -- -- - -- - - - - - - -

084 86 88 90


60

Zimbabwe% of GDP

15 -- -- - -- - ---- ---------- 6 _ - -- --

01 ........

70 72 74 76 78 80 82 84 86 88 90

*Total Investment -Private - Publlc 6

61

Bibliography

ARGENTINAWorld Bank. Argentina: Reformsfor Price Stability and Growth. 1990.

COLOMBIAWorld Bank. Industrial Competition and Performance. 1991.

ECUADORBanco Central del Ecuador. Boletin de Cuentas Nacionales, No. 15, 1982-1991. June 1992.World Bank. Ecuador: Public Sector Reforms for the Era of Declining Oil Output. 1991.

FIJIWorld Bank. Fii: A Transition to Manufacturing. 1987.

INDIAWorld Bank. India: Recent Developments and Medium Term Issues. 1990.

KENYAMinistry of Finance, Central Bureau of Statistics. Economic Survey. Nairobi: various issues since 1974.

KOREABank of Korea. Economic Statistical Yearbook. Seoul: various issues.Bank of Korea. Monthly Statistical Bulletin. April 1992.

MALAYSIAWorld Bank. Malaysia: Matching Risks and Rewards in a Mixed Economy. 1989.Ministry of Finance. Economic Report 1992/93. Kuala Lumpur: October 1992.

MAURITIUSWorld Bank. Mauritius: Managing Success. 1989.World Bank. Mauritius: Expanding Horizons. July 1992.Bank of Mauritius. Quarterly Review. Port Louis: various issues.

MEXICOBanco de Mexico. Indicadores Economicos.Ibid. Informe Anual.Ibid. The Mexican Economy. Mexico: various issues.

NEPALWorld Bank. Nepal: Poverty and Incomes. 1991.Ministry of Finance, Central Bureau of Statistics. Economic Survey. Kathmandu: various issues.

62

PAKISTANMinistry of Finance. Economic Survey. Islamabad: various issues.

PAPUA NEW GUINEAWorld Bank. Papua New Guinea. Policies and Prospects for Sustained and Broad-Based Growth. 1988.

PERUBanco Central de Reservas del Peru. Memoria. Lima: various issues.Banco Central de Reservas del Peru. Cuentas Nacionales del Peru. Lima: various issues.World Bank. Peru: Policies to Stop Hyperinflation and Initiate Economic Recovery. 1989.

PARAGUAYWorld Bank. Paraguay: Country Economic Memorandun. August 1992.Banco Central del Paraguay, Departmento de Estudios Economicos. Cuentas Nacionales. Asuncion:various issues.

SINGAPOREMinistry of Trade and Industry. Economic Survey of Singapore. Singapore: various issues.Government of Singapore, Department of Statistics. Singapore National Accounts 1987. Singapore:March 1988.

TURKEYWorld Bank. Turkey: A Strategyfor Managing Debt, Borrowings, and Transfers under MacroeconomicAdjustment. 1990.Turkish Prime Ministry, State Planning Organization. Main Economic Indicators, Turkey. Ankara: May1992.

TRINIDAD AND TOBAGOWorld Bank. Trinidad and Tobago: A Program for Policy Reform and Renewed Growth. 1988.

URUGUAYBanco Central del Uruguay. Boletin Estadistico. Montevideo: various issues.

VENEZUELABanco Central de Venezuela. Informe Economico, 1991. Caracas: August 1992.

63

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