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This 2001 Annual Report reviews economic developments in the world during FY2000. Output growth in emerging Asia picked up in 2000 as this region continued its recovery from the 1997–98 crisis. The pace of economic expansion, however, slowed from mid-2000, largely as a result of the U.S. slowdown, higher oil prices, a decline in regional equity markets, and, in some countries, concerns about delays of corporate and financial restructuring and a decline in electronics exports. The financial year 2001 saw the IMF actively engaged in the process of reform.
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In 1995, the National Academy of Sciences, National Academy of Engineering, Institute of Medicine, and National Research Council issued a report entitled Allocating Federal Funds for Science and Technology, which recommended tracking of federal investments in the creation of new knowledge and technologiesâ€"what the report referred to as the federal science and technology (FS&T) budget. Observations on the President's Fiscal Year 2001 Federal Science and Technology Budget, the third annual report, identifies potential impacts of the President's proposed FS&T budget. This report does not make recommendations about specific spending levels, but rather identifies aspects of the proposed budget as they affect the health of the nation's research enterprise.