Economic growth in most of the rest of the world was much stronger this year than during 1999. But, just as for the United States, the consensus view of economists is that some moderation will be seen in GDP, personal consumption and business investment gains during 2001. However, in contrast to the United States, where GDP growth next year is expected to fall short of its 1999 performance, overall global economic gains are expected to be better in 2001 than in either in 1998 or 1999. Canada and Mexico have grown at rates as fast or faster this year than during 1999. Japan's economic growth also improved this year.
Global economic growth (Annual change in gross domestic product)
| 1998 | 1999 | 2000(f) | 2001(f) | |
|---|---|---|---|---|
|
U.S. |
4.4% |
4.2% |
5.2% |
3.6% |
|
Canada |
3.3 |
4.5 |
4.7 |
3.5 |
|
Mexico |
4.8 |
3.7 |
6.3 |
4.5 |
|
Argentina |
3.9 |
-3.1 |
1.9 |
3.7 |
|
Brazil |
-0.1 |
1.0 |
3.8 |
4.3 |
|
U.K. |
2.6 |
2.2 |
3.0 |
2.7 |
|
Germany |
2.1 |
1.6 |
3.1 |
3.0 |
|
France |
3.1 |
2.9 |
3.4 |
3.3 |
|
Japan |
-2.5 |
0.2 |
2.0 |
2.0 |
|
China |
7.8 |
7.1 |
7.3 |
7.5 |
|
S. Korea |
-5.8 |
10.2 |
7.7 |
6.0 |
|
Taiwan |
4.6 |
5.7 |
6.5 |
6.1 |
|
Australia |
4.8 |
4.1 |
3.9 |
3.4 |
|
Average |
1.9 |
2.6 |
4.0 |
3.4 |
Source: Consensus Economics Inc. (f)=forecast
