This quarterly examination of the short-term economic outlook for the world’s major economies also contains an in-depth analysis of a number of issues that are relevant for understanding world economic trends and developments.
Document Highlights
- World economic activity will slow down in 2005 mainly because of the negative impact of soaring energy prices.
- Higher oil prices will not lead to a recession in the United States because the economy is not as dependent on energy as it was during the 1970s and 1980s.
- By aggressively increasing interest rates, The Bank of England has had some success in slowing down the red-hot housing market.
- Measures designed to restict lending in sectors of the economy such as construction and steel will result in slightly weaker economic growth in China.
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