So, let us look ahead with optimism and self confidence. As we move from here to the year 2000, we will encounter several significant developments. Of these, three distinct trends deserve our special attention global economic recession, global consolidation and knowledge based environment. The economic debacle of Asia and implosion in Russia will have a global impact. Thailand, Indonesia, Malaysia and South Korea, are in turmoil.
Japan is in the grip of recession.
Looming recession in China and Latin America add to the gravity of the situation. Prophets of gloom predict that if Asia fails to recover and America dips into recession, the global output could decline in 1999 for the first time in sixty years. Prices of industrial commodities, including plastics, are already the lowest in real terms since the 1930's. For creative minds and entrepreneurial spirits, such moments of turmoil offer exciting challenges . If we combine initiative with sagacity and hardwork, a crisis can be converted into an opportunity.