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Just To Confirm Your Suspicions, The Slowdown Has Gone Global.(ISSUES & INSIGHTS)(NATIONAL ISSUE)
Byline: Charles Oliver
Economists are starting to call it the American flu. And it's spreading across the globe. With the American economy cooling off, the rest of the world is also starting to fade.
Global economic growth the past four years has been driven largely by the robust U.S. economy. But that once-mighty locomotive now can't get enough traction to pull all that dead weight.
Every region and almost every country is slowing. Some experts even warn a global recession is under way. The U.S. economic slowdown has stifled growth around the world. But economists say the U.S. flu has spread so quickly only because other economies have weak immune systems. Bad domestic policies have left many nations too reliant on exports to the U.S. for growth.
Bad News
How bad can things get?
The International Monetary Fund's World Economic Outlook forecasts 3.2% growth in global product this year and 3.9% growth in 2002. That's down from 4.8% growth in 2000.
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