1945

World overview

The global economic outlook deteriorated in 2002 as a result of severe short-term disturbances, waning consumer confidence and the slowdown in the major economies into near-recession levels. The fragile growth prospects did not materialize in the required strength during 2002, and the geo-political conflicts in the Gulf region, exacerbated by the SARS (severe acute respiratory syndrome) episode in Asia, postponed recovery further. Estimates of world economic growth settled at the 2.5% level for 2003 (close to the recession threshold), and somewhat higher at 3%–3.5% for 2004. The growth prospect is still subject to many uncertainties.

Related Subject(s): International Trade and Finance
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