On the stage of world trade, it is necessary to mention the negative effects of the September 11th attacks on the inter-global economy. This was by far one of the most significant incidents that affected world trade, as well as China's inclusion into the World Trade Organization. Overall economists are predicting a slow-down in economy, worldwide. These recessions are mainly occurring due to the individual consumer's lack of faith in his or her own domestic market, due to a combination of factors. The trade between Western and Middle-Eastern countries has suffered significantly, and will also continue to be a problem for some time. The WTO's efforts are being undertaken optimistically as economists are hoping for a rebounding worldwide economy.
One of the greatest issues facing the WTO this year is to rebound a slumping worldwide economy. The first issue that they"re focusing on, regarding the reparation of the economy, is the small businesses. Despite economists" predictions that small businesses will regain some momentum in mid-2002, the WTO is doing everything it possibly can to aid them. The first measure that it is taking on is the lowering of interest rates. This accomplishes two things for the small businesses. First of all it encourages small business owners or entrepreneurs, to take out loans, thus creating expansion. The small businesses then will hopefully gain the confidence of investors, who will in turn aid them in expansion as well. Another thing that the WTO is trying to accomplish is to raise consumer confidence. The fate of the world's economy rests in the consumers" hands. The first issue, in the recovery of the economy is to definitely secure small businesses, as they are in the majority over larger corporations.
One of the more interesting stories this year is the inclusion of China into the WTO. This was a topic that was hotly debated for almost a decade before an official announcement in December of 2001.