There have been no global recessions in the past half-century. In periods when the U.S. faltered, the world economy as a whole kept growing. Or at points when the U.S. was humming along, foreign economies sometimes went into a tailspin.
Now Giles Keating, chief economist at Credit Suisse First Boston in London, and an increasing number of other forecasters predict that the world will plunge into its first global recession since World War II this quarter and next.
Economic analysts say that countries and regions which might once have been relied upon to pull the world out of recession Asia, Japan and Europe, for example are in no condition to shoulder the burden this time around.
Source: David Fairlamb, Economic Trends: Hurting in Lockstep, Business Week, October 22, 2001.
For more on International Economic Growth http://www.ncpa.org/pi/internat/intdex3.html
FMF\23 October 2001
