Ratings giant Standard & Poor's is forecasting a recession in the US following Tuesday's terrorist attacks.
The analysis and information firm said that economic fortunes could depend on business and consumer confidence, widely expected to suffer in the wake of the atrocities.
It said in a statement: “A short and moderate recession in the US now appears likely. The big question facing the economy is consumer and business confidence.
"Standard & Poor's expects modest declines in GDP of one half to one percent in the third and fourth quarters of 2001 with a recovery beginning in the first quarter of 2002.
“As severe and devastating as the September 11 terrorist attacks in New York and Washington are, they will not stop the US economy or collapse the US financial markets.”
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