The tradeoff for such growth was seen as a lack of sustainable internal GNP growth and a decrease in domestic capital investments.

In 1989, for example, workers received an average 5.1% pay hike, while GNP growth had averaged 5% between 1987 and 1989.

But if you measure from 1960-90, America draws level in real GNP growth with West Germany, and then overtakes it both for 1970-90 and 1980-90.

By 2005 the economy had recovered: there was considerable GNP growth, renewed foreign investment, and a significant drop in the unemployment rate.

Capital investment accounted for two-thirds of GNP growth between late 1986 and early 1991.

The NEM proved to be a failure, and GNP growth between 1981 and 1982 was only 2.9%.

In Egypt, the economic situation was more positive, with a GNP growth of 4.5 percent and a rapid growth of industry.

We expect Clinton's election victory to consolidate this and deliver 2.5% GNP growth next year.

The government is predicting real GNP growth of 7% this year, and Mr Choi will not be blamed even for such a 'disappointing' figure.

Most forecasters still expect GNP growth of 3-3.5% this year, down from an estimated 4.6% in 1990.