It is almost two years on from the Sept. 11, 2001 tragedy. For the financial markets that tragedy is largely over. Yet its political and economic impact is still being felt and will be felt for years to come. In what sense might the tragedy’s economic impact be seen as past? Sept. 11 was judged in the immediate aftermath of the attack as a grievous blow to an already ailing economy, one that might ensure the brief recession of mid-2001 persisted. But the recession did not persist. The U.S. economy grew by 2.4 percent in 2002 after its minimal 0.3 percent growth in 2001. And now in the United States, Japan and Germany some of the economic data looks brighter than for a long time. U.S. gross domestic product growth will come in at (an annualized rate of) close to 4 percent in the third quarter: not a bad figure at all. In Japan, growth was surprisingly high by Japan’s depressingly low standards, at an annualized rate of 2.3 percent in the second quarter. Some Japan economists are revising up their growth forecasts. To them things look a little better than thought previously. Full Story
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