A cloud of doom hangs over the telecommunication world. It began forming in the spring of 2000 when high technology stocks around the world crashed. Many publicly traded telecommunication shares saw their values decline. The growth rate in the number of new telephone subscribers plunged in 2001. The events of 11 September 2001 have added to the pessimism. Is the telecommunication sector really in trouble? The facts suggest not. The global telecommunication market has followed an upwards trajectory over the last twenty years.