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You mean, the same year that they launched the Xbox and the Gamecube, as well as the second year for the PS2 and the death of the Dreamcast?
No, I don't recall a recession at all.
More pointedly, I seem to recall a certain Final Fantasy and a Grand Theft Auto game wrapping up game sales quite nicely for 2001.
however, I wouldn't mind one... it would give me a chance to catch up on all the games i haven't had a chance to finish lately :P