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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