PARIS, Sept 2: The feared collapse of the world’s economies after September 11, did not take place largely because US authorities took vigorous action, but the uncertainty brought to the surface could change fundamental economic behaviour, analysts say.

In the United States the economy resisted the shock, in spite of dire predictions as the stock exchanges crumbled in the immediate aftermath of the attacks on New York and Washington.

Nicholas Sobczak, an analyst with Goldman Sachs investment bank, said this followed a pattern which can be seen after major catastrophes, where the initial impact is usually overestimated.

He notes today that the growth provisions for 2002 in the United States are identical to those which were published before September 11.

The measures taken by the US government, which have seen the US budget go from a $100 billion (102 billion euro) surplus to a $200 billion deficit, may even have stopped an already stuttering economy from contracting even further, said Eric Chaney of Morgan Stanley investment bank.

In Europe by contrast, September 11 provoked a recession which Chaney says he does not think would have otherwise occurred, in spite of a general economic slowdown. Chaney said that at the moment it is on the point of moving towards a soft recovery, or once again tumbling back into recession.—AFP