Developing countries' stock markets decline.

• Position: Loss of 32 percent in 1990 - Development Report

Stock market in developing countries lost 32 per cent of their value in United States dollar terms in 1990, the International Finance Corporation, a World Bank Affiliate, reported in February. Volatility in the markets was unusually high during that year, with the Gulf area crisis hastening a year-end slump. Other causes were the "bursting of speculative bubbles", pessimism over prospects for economic growth at home and abroad, and sudden credit crunches.

Despite the plunge, eight of the world's best...