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The World Economy

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  • Anonymous

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Global economic activity strengthened considerably in the first half of this year, helped by a rebound in trade volumes and a marked recovery in industrial production. Although the rapid growth experienced in the early part of the year has faltered, there was still broadly-based, if somewhat subdued, growth in activity in all the major economies in the second quarter of the year, with GDP rising by between 0.3-0.6 per cent in the US, the UK, the Euro Area and Japan. For the year as a whole we continue to expect global GDP growth (measured at Purchasing Power Parity exchange rates) to be around 2¾ per cent, which whilst below long-term trend levels, would be a welcome improvement on the growth of under 2¼ per cent seen in 2001.

Suggested Citation

  • Anonymous, 2002. "The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 182, pages 8-36, October.
    • Handle: RePEc:cup:nierev:v:182:y:2002:i::p:8-36_3
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