One of the World Bank's flagship annual publications, Global Economic Prospects provides essential information for those concerned with developments shaping today's global economy. This year's Global Economic Prospects argues for reshaping the globalarchitecture of world trade to promote development and poverty reduction. The global economy is slipping precariously toward recession. In 2001 the three biggest economies of the world--the United States, Japan, and the European Union--entered the first simultaneous downturn since 1982, and were then hit with the added shock of the terrorist attacks in the United States. While the most probable scenario is for a recovery beginning in 2002, today's slow growth of global trade and weakening of financial flows to all but the most creditworthy countries have shackled growth in developing countries. Increasing trade would help developing countries over the medium term. To accelerate the global integration that has been a hallmark of...

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