Global '02 econ outlook shaky but not for c banks

ARTICLE - One of the biggest surprises of 2001 was how the global economy's main economic agents responded to signs of recession.

Consumers resisted. Business panicked. And central banks reacted.

The result was more resilient economic activity in the U.S. - where the recession has been relatively mild - and in France and the U.K. too toward the end of the year.

It also means that with a sizable chunk of the global economy largely tapped out, and with interest rates about as low as they can get,