Gloomy U.S. economy dampens international outlook

Expectations for global economic growth have grown less optimistic this year in light of the U.S. economic downturn. Slowing consumer spending and business investment in the United States have had a negative impact on the economic fortunes of its major trading partners, including Canada, Mexico, Japan and nations in Western Europe and in the Asia/Pacific region. Economists at the International Monetary Fund (IMF) recently indicated that they expected to see worldwide growth in inflation-adjusted gross domestic product slow from 4.8 percent in 2000 to 3.2 percent during 2001.