Bulletin on Asia-Pacific Perspectives 2001/2002: Asia-Pacific Economies: Coping with New Uncertainties (E/ESCAP/2143)

Bulletin on Asia-Pacific Perspectives 2001/2002: Asia-Pacific Economies: Coping with New Uncertainties (E/ESCAP/2143)

Date: 
Monday, November 5, 2001
Type: 
Journals
Abstract

Although evidence of a sharp slowdown in the economy of the United States of
America and an interruption in the recovery of the Japanese economy had emerged
in late 2000, the consensus was that only a modest deceleration in the rate of
growth of the global economy was to be expected from these developments in
2001. Moreover, ESCAP member countries would remain largely unaffected by
any deceleration given the resilience of the regional economy. In the event, the
slowdown in the United States has turned out to be much sharper than predicted
and its adverse impact on the ESCAP region has been very severe. Furthermore,
recovery has petered out in Japan and the slowdown is now becoming apparent
even in the European Union (EU) so that this could be the most geographically
synchronized since before the Second World War. The terrorist attacks of
11 September 2001 are likely to intensify the global downturn in the short
term through a major loss of business and consumer confidence in the United
States and elsewhere. The extent of the global slowdown and its impact on the
developing countries are likely to remain uncertain for some time. Nonetheless,
several issues of critical importance arise for the ESCAP region.

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