Chapter 1: Section 1.1 THE MANUFACTURING SECTOR
Section 1.1 THE MANUFACTURING SECTOR Major trends of growth and distribution of manufacturing in the world - 35 - Figure 1: Growth of MVA in industrialized regions, at constant 2000 USD (1994=100) Figure 2: Share of industrialized and developing countries as a per cent of world MVA, at constant 2000 USD The effect of the recent ﬁnancial crisis on economic growth of developing countries has been relatively mild. As a result, the share of developing countries in the world MVA has continued to rise. The ratio of MVA of industrialized to developing countries has decreased to 70:30, from 80:20 15 years ago. Figure 2 illustrates the closing gaps in MVA distribution between the two major development groups. Most of the industrialized countries have suffered a severe decline in their industrial production in the last two years or so. The worst affected region has been North America, where according to UNIDO estimates, manufacturing output has fallen by 20 per cent since 2007. CIS countries, which recovered just at the beginning of this decade from the turmoil of the 1990s and became one of the fastest growing regions, have also suffered the set back from the recent ﬁnancial crisis. - 36 - Figure 3: MVA growth of LDCs compared to developing countries total, at constant 2000 USD, (1994=100) Figure 4: Average annual growth rates of developing countries in per cent by geographical regions, at constant 2000 USD The impact of the economic recession on industrial growth of developing...
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