Transport and tourism in particular were hit very hard, with some fallout continuing to this day. World growth in 2002 has been subdued and for the full year is expected to amount to around 2,8 per cent, slightly better than the 2,2 per cent recorded in 2001 but still way below the 4,7 per cent recorded in 2000.
Monetary and fiscal policies, through vigorous and swift action at the peak of the financial crisis, have avoided a free fall in economic activity and a further drying up of financial markets. As we gradually seem to be leaving the extraordinary circumstances behind us, monetary and fiscal policies must return to their normal mode of operation.