Mexico City, Nov 12:The global economy is set for recovery next year, once uncertainties surrounding the possibility of a war on Iraq are resolved, the head of the Bank of International Settlements has said. Andrew Crockett said after a meeting of central bankers in Mexico City a number of uncertainties still surround the speed of recovery in the global economy, which had been hoped for in 2002, but is now expected for next year.
"Despite the fact that there are a number of uncertainties in the global economy and in particular there are uncertainties surrounding the geopolitical situation.....once those uncertainties are overcome, conditions are in place for a recovery to take hold during the course of next year and gather strength as the year proceeds," Crockett told a news conference.

He used the term "geopolitical situation" to respond to a question about how the world economy was reacting to the US’ threats to attack Iraq.
Officials of the Basel-based Bank for International Settlements, which is a kind of central banks' central bank, were in Mexico for its bimonthly meeting and also to open a regional office to coordinate its activities across the Americas.
Among those at the BIS meeting in Mexico City were U.S. Federal Reserve Chairman Alan Greenspan, European Central Bank President Wim Duisenberg, Brazilian Central Bank President Arminio Fraga, Argentine Central Bank chief Aldo Pignanelli, Mexican Central Bank Governor Guillermo Ortiz.
Crockett said Latin America was the region that has seen the most downward revisions in economic growth forecasts this year. Bureau Report