The global economy in 2000 grew at its fastest pace in over a decade and a half, bolstered by the continuing strong performance of most advanced countries and a substantial pickup in growth in other regions of the world, particularly in the Western Hemisphere, Middle East, and countries in transition (Table 1.1 and Figure 1.1).1 The pace of global economic growth moderated in late 2000 and early 2001, however, led by a slowdown in the advanced economies—especially the United States—and moderating growth in a number of emerging market countries.