A pervasive slowdown in the world economy, aggravated by the terrorist attacks in the United States of America, has led to the lowest growth of gross world product in a decade. Gross world production grew little more than 1 per cent in 2001 and the volume of world trade stagnated. More than a dozen economies, accounting for more than two thirds of world output and including the world's three largest economies, were falling into recession. For the year as a whole, growth in the developed countries was the lowest in a decade. The economies in transition exhibited greater resilience but their average growth also declined. The key concern of economic policymakers at the beginning of 2002 is to…
World Economic Situation and Prospects 2002
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