text: unforeseen circumstances, China's economic growthisprojected atanaverage annual rateof6.4percentfortheperiod1985-1990. 2.Tradeandcurrent account balance 99.Thevolumeofworldexports recorded anunexpectedly rapidexpansion of 8.5percentin1984following itsrathermildupturnof2.0percentin1983from theprolonged stagnation during1980-1982 (table10).SUbsequently, alongwiththe expected slowdown ofworldeconomic growth, thevolumeofworldexportsis projected toincrease ataslowerrateof6.9percentin1985and4.3percent in1986(table18).Itsgrowthforthebalance ofthedecadeisprojected to average about4.7percentperyear,whichstillismeasurably belowtheannual growthrateof5.7percentrecorded inthe1970s. Arapidexpansion inimports by theUnitedStatesinresponse tounexpectedly strang demandanddollar appreciation, wasamajorthrusttotheglobaltradeexpansion in1984but,witha timelaginvolved intheinternational transmission, relatively moresignificant contributions fromtheotherdeveloped countries areexpected in1985. 100.Reflecting thestronger thanexpected economic activity, thecurrent account deficit ofdeveloped countries asawholeworsened significantly to$38.8billion (excluding official transfers) in1984fromitsnearbalance ($7.5billion peryear)in1981-1983 (table19)and,underthebaseline, isprojected tobe $17.8billion peryearonaverage forthebalance ofthedecade (1985-1990). Although thebaseline projections envisage thenarrowing oftheoverall imbalances amongthecountries ofthisgroup·over time,thedistribution ofthe.overall current account deficit·among individual developed countries isratheruneven. For theUnitedStates, thestrongexpansion ofitsdomestic' demandandtheweakened competitiveness ofitstradeowingtothecontinued strongappreciation ofthe UnitedStatesdollarcaused adrastic surgeinimports andthewidening ofits current account deficit to$84.3billion in1984fromadeficit of$3.8billion in1982and$35.5billion in1983,thishugecurrent account deficit isexpected to continue fortherestofthedecade. Withthisorderofmagnitude, thecurrent accountdeficit oftheUnitedStatesdominated theoverall current account balance ofdeveloped countries asawholeandislikelytocontinue todosointhenear­ andmedium-term future. Atthesametimesomedeveloped countries, suchasthe Federal Republic ofGermany, Japan, andtheUnited Kingdom ofGreatBritain and /...A/4o/519 EngliBh Page46 Table18.Tradevolume andtermsoftradeoftheworld anditsgroups, 1971-1990 y (percentage) Actual Average average Average Forecast Average 1971-1979 1975-1980 1981-1984 1985 1986 1987 1985-1990 Worldexports Volume 5.7 6.0 1.8 6.9 4.34.8 4.7 Unitvalue 13.8 11.5 -2.8 -0.5 2.55.0 3.7 Developed marKet economies Export volume 6.5 6.5 3.1 4.4 Exportprice 11.7 9.8 -3.3 0.2 3.05.0 3.9 Import volume 5.5 5.7 3.4 4.1 Import pEtce 13.3 12.3 -3.9 -0.5 2.45.0 3.7 Termsoftrade -1.4 -2.1 0.7 Developing market economies Expol't volume 3.2 3.0 -0.4 4.6 Exportprice 20.6 17.8 -2.5 -2.0 1.55.0 3.2 Import volume 7.6 5.1 1.1 5.5 Importprice 13.3 11.8 -2.3 -0.1 2.75.0 3.8 Termsoftrade 6.4 4.8 -1.1 Oil-exporting developing economies Export volume 0.5 -0.6 -8.8 2.9 Impol'tvolume 14.8 9.3 3.8 5.7 Termsoftrade 16.5 10.8 -0.2 Non-oil exporting developing economies ExPOl't volume 7.0 7.5 7.5 5.5 Import volume 5.5 3.1 0.4 5•• Termsoftrade -2.0 -6.1 -1.6 Worldtradeprice
analysis: The text appears to be discussing the economic trends and projections of various countries, particularly the United States, China, and other developed countries. The focus is on the trade and current account balance, highlighting the unexpected surge in imports by the United States and the subsequent widening of its current account deficit. The text also provides data on the trade volume and terms of trade for different regions and groups of countries.