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 ensure a prompt and widespread economic recovery. The report forecasts a gradual recovery beginning in 2002, with gross world production expected to grow by only 1.5 per cent and world trade by 3 per cent.

Sales No. E.02.II.C.2
ISBN 92-1-109141-1

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