IMF Country Reports cover economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This 2002 Article IV Consultation highlights that the United States economy slipped into recession in early 2001, as industrial production dropped sharply, investment and exports declined, and employment and weekly hours fell. The downturn was triggered in part by the collapse of the Information Technology boom and stock prices in March 2000, but was further exacerbated by the September 11th terrorist attacks. As a result, following real GDP growth in excess of 4 percent during the previous four years, the economy slowed sharply in 2001.