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The world economy
Published online by Cambridge University Press: 26 March 2020
• Global growth prospects remain robust, with world GDP rising by 4.3 per cent in 2005 and 4.2 percent in 2006.
• We now expect oil prices to stay at around $48 a barrel for the rest of the decade, which will dampen global output growth.
• The burgeoning US current account deficit is increasing the risk of a further downward lurch in the dollar.
• Inflation in the US will accelerate to 3.8 per cent in 2006.
• Growth in the Euro Area will slow to 1.6 per cent in 2005.
• Japan will grow by only 0.9 per cent in 2005.