Meeting in Marrakech, more than 80 member nations and over 200 delegates heard ITF president Ricci Bitti warn no-one should be complacent.
"This is a criticial time for all of us in the sports business," said Ricci Bitti.
"After the skyrocketing 90s, the world economy has, at the least, slowed down and, at the worst, taken a decided downturn.
"The mature markets - especially post September 11 - are nervous and this had made them cautious.
"Only a few sporting events are continuing to grow in these challenging times. I am happy to say that, in tennis, the Grand Slams and Davis Cup fall into this category but even they must be vigilant."
The 2003 ITF AGM will be staged in Rio de Janeiro, in the week following the US Open, it was confirmed.
