The world economy: Performance and prospects

Prospects for the world economy dimmed towards the end of 2000. After an unprecedented period of expansion, growth in the United States decelerated sharply in the third and fourth quarters of the year in response, inter alia, to a series of interest rate hikes, falling equity prices and rising oil prices. Lower investment spending in the last quarter snuffed out growth altogether at the beginning of 2001, raising concerns that a harder landing than expected might send recessionary shockwaves throughout the world economy. The fact that the slowdown, with its potential consequences, has caught many observers by surprise is a further confirmation that policy makers everywhere are ill-prepared to cope with the changes brought about by the increasing integration of the world economy.

Related Subject(s): International Trade and Finance
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