PRIVATISATION

Global enthusiasm for privatisation picked up again last year after slowing in 1998. Sales of state-owned companies worldwide increased by 10% to $145 billion in 1999, according to the OECD. But, that was below 1997's record sales of $157 billion. OECD countries account for around two-thirds of privatisation revenues; worldwide revenues have amounted to $600 billion since 1990. Activity in non-OECD countries, which slumped in 1998 as international investors grew nervous about emerging markets, remained somewhat lacklustre. In the past five years, Italy has been the world's leading privatiser, with average annual proceeds of $16 billion.