Annual Report 2003

In 2003 world economy experienced a moderate growth. The increased uncertainty following Iraq war, negative effect of artificial increase of equity prices in the United States and the effect of SARS epidemic in countries of East Asia led to a weakening of international trade and production during April – June. Meanwhile, since the third quarter of the year, the economy started showing signs of improvement, especially in countries such as the United States, Japan and some countries of Asia.