As recently as two centuries ago, per capita incomes were not very different across countries. Today’s vast differences in living standards between the richest and poorest countries in the world reflect sustained differences in rates of economic growth that have made the difference between development success and failure. Understanding why some countries have grown so fast over long periods of time while in other countries economic growth has stagnated and per capita income has even fallen is a central question in development economics. The answers to these questions are complex, and are the subject of extensive research.

Equally important are issues related to short-run economic fluctuations. Many developing countries have experienced prolonged macroeconomic volatility and suffered from frequent crises, which have undermined growth and poverty reduction.

Internet: <http://econ.worldbank.org/programs/macroeconomics>.
Access on Oct. 1st 2003 (with adaptations).