Gloomy U.S. economy dampens international outlook

July 01, 2001 |

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.

International economic trends

(Annual percent change in gross domestic product)

'98 '99 '00 '01
Source: International Monetary Fund and BD&C

Mexico 4.8 3.7 6.0 2.6
Brazil -0.1 1.0 3.6 3.9
United Kingdom 2.6 2.3 3.0 2.6
Germany 2.1 1.6 3.0 1.9
Japan -1.1 0.8 1.7 0.6
China 7.8 7.1 7.7 7.5
South Korea -6.7 10.9 8.8 3.5
Taiwan 4.6 5.4 6.0 4.1
Thailand -9.4 4.4 5.3 3.1
Hong Kong -5.3 3.1 10.5 3.5
Worldwide 2.8 3.5 4.8 3.2

 

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