Average real GDP in the developed market economies rose by 3.8 percent in 2000.107 However, economic activity was already beginning to slow down owing to the rise in energy prices, a reassessment of corporate profitability and a tightening of monetary policy in late 1999 and 2000 in the United States and in the EU. In particular, developments in the information technology (IT) sector – the declining investment and output and consequent fall in IT-related trade – contributed significantly to the slowdown. The aftermath of the events of 11 September exacerbated the downturn, and real GDP growth in the developed market economies was projected at 1.1 percent for 2001.

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