The World Economy

Anonymous

National Institute Economic Review, 2004, vol. 187, 8-35

Abstract: The two key factors underlying our forecast this quarter are the continued depreciation of the US$, which is about 4½ per cent weaker in effective terms than in October and 18 per cent below its recent peak in early 2002, and the emergence of what appears to be a sustainable recovery in Japan. Our projections for world growth this year incorporate significant upward revisions for the world's two largest economies, the US and Japan, while the outlook for the EU and Canada remains largely unchanged, although they also gain modest support from stronger demand in the US and Asia.

Date: 2004
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