At the beginning of 2000, the world economy was in better shape than the previous year, when the aftermath of the financial crises in Asia and the Russian Federation and the uncertainties relating to Brazil clouded the outlook. It is estimated that gross world product expanded by 2.6 per cent in 1999, a notable improvement over the 1.8 per cent for 1998 and 0.6 per cent higher than had been anticipated in mid-1999. The signs of strengthening and broadening of the recovery in the world economy identified in early 1999 have gained momentum. The outlook in major countries is for a slight acceleration to almost 3 per cent growth of gross world product in 2000 and a return to the pre-crisis pace of over 3 per cent in 2001.

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