The European Commission said growth should remain strong next year, although there are concerns higher oil prices could take a toll. But the fledling euro appears to be picking up steam. Latin American economies may grow in 2001 with Brazil, Mexico and Chile leading the pack. But again, a slowdown in the United States could cause confusion, as it is the region's largest trading partner and investor. Mexico, whose economic fortunes are tied to the United States through the North American Free Trade Agreement, is the most vulnerable Latin American nation.
Brazil is more insulated from outside influences, with a larger and more inward-looking economy.
High oil prices have helped Russia continue to recover from the devastating economic crisis of two years ago. For the first time since the Soviet collapse, gross domestic production grew. Economic development in the former communist countries of Eastern Europe will be higher than any time since the fall of the Berlin Wall in 1989. In the Middle East it's oil, oil, oil. In the last two months, Sadam Hussein has caused international turmoil by demanding payment for its oil in euros rather than dollars, the industry's accepted form of payment.