Forecasts of the Scottish economy [March 2004]

Low, Kenneth (2004) Forecasts of the Scottish economy [March 2004]. Quarterly Economic Commentary, 29 (1). pp. 14-16. ISSN 0306-7866

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Abstract

Economic performance in the world economy was better than expected with very strong growth in the US and relatively strong growth in Japan. China remains an important stimulus to manufacturing and growth in the Asian region. The depreciation of the US dollar has boosted US growth considerably. The Euro Area continues to be weak, particularly in terms of domestic demand. On the up side however Germany and Italy are now out of recession. Confidence and forward indicators for the Euro Zone are still improving. It is unlikely that full recovery will take place any earlier than 2005.

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