This quarterly examination of the short-term economic outlook for the world’s major economies also contains an in-depth analysis of a number of issues that are relevant for understanding world economic trends and developments.
Document Highlights
The world economy will recover in the second half of this year, largely owing to a rebound in economic activity in the United States.
The U.S. recovery will be driven by higher investment spending and the stronger export sales that result from the weaker U.S. dollar.
The outlook in South America will be hampered by weak growth in Brazil, the region’s largest economy.
Growth in Europe will continue to be affected by economic difficulties in Germany, mainly a result of structural problems in that country’s labour markets.
Most of the economic damage from Severe Acute Respiratory Syndrome (SARS) in the Asia-Pacific region was inflicted in the second quarter; economic activity will rebound before the end of the year, but growth will be down in 2003.
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