The price drops associated with the September 11 attacks persisted for several months into 2002. Apprehensions about potential military conflict in Iraq also limited growth. Latin American economies with large deficits were severely affected by lower prices, limiting export growth and preventing capital from entering the region, requiring further increases to the deficit. The region overall saw a negative GDP in 2002. Imports grew significantly in East Asia, with China competing with the United States as one of the largest export markets for other countries in the region. Imports in Latin America and Africa decreased compared to the previous year.
The price drops associated with the September 11 attacks persisted for several months into 2002. Apprehensions about pot:ential military co.nflict in Iraq also limited growth. Latin American economies with large deficits were severely affected by lower prices, limiting export growth and preventing capital from entering the region, requiring further increases to the deficit. The regio:n overal?l saw a negative GDP in 2002. Imports grew significantly in East Asia, with China competing with the United States as one of the largest export markets for other countries i?n the region. Imports in Latin America and Africa decreased compared to the previous year.