Increased financial and corporate international linkages have also played a role. This, however, raises the question of whether the recoveries in different regions will be as synchronised as the downturn. The IMF forecasts projected global growth of 2,8 per cent in 2002, somewhat higher than expected in December 2001.
The WTO projects that global merchandise trade will increase by 1 per cent this year following a 4 per cent decline in 2001. However, growth in the United States – and countries with close economic links to the United States – has been revised significantly upward, as the pace of recovery has exceeded expectations.