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PacNet #39 – Reassessing Priorities in the Global Economy

The economic impacts of the terrorist attacks on Sept. 11 have reverberated across the global economy. The strongest consensus is that the resilience of the U.S. economy will reassert itself, with growth rates returning sometime in mid-2002. IMF forecasts released last week predict average global growth of 2.6 percent for 2001, hovering just above the 2.5 percent rate that defines a global recession. But economies everywhere are struggling.