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The world economy [December 2003]

Low, Kenneth (2003) The world economy [December 2003]. Quarterly Economic Commentary, 28 (4). pp. 12-14. ISSN 0306-7866

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Abstract

The world economy is now picking up with strong growth in the US and the Far East economies. Europe remains relatively weak and since the last quarter has worsened slightly. It is not expected to improve until next year with a return to trend growth forecast for 2005. The forecasts for world growth and trade have both improved since the last quarter. The outlook for the world economy remains good. The downside risks are the uncertainty over terrorist attacks in the west, the size of the US deficit, and the continued weakness in Europe.