The global economic recovery is continuing but at a somewhat slower pace than was anticipated six months ago. Specifically, using the country weights from the IMF's World Economic Outlook, the forecast for real GDP growth in the world economy during 2002 (i.e., on a fourthquarter-...

The world economy will see a significant recovery of growth in 2002 and 2003, reversing the global slowdown of last year. The global economic recovery will be led by the United States where a vigorous cyclical rebound is already under way. Economic growth will also strengthen in western Europe...

The global economic recovery lost considerable momentum in late 2002 and appears likely to remain sluggish through the fi rst half of 2003 before accelerating again late this year and in 2004. The escalation of world oil prices and uncertainties surrounding the economic effects of the US-led...