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The World Economy

The Oil Price and World Balances

Published online by Cambridge University Press:  26 March 2020

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World growth accelerated to its fastest pace in 28 years in 2004, reaching 5.1 per cent. Global growth well above trend reflected strong domestic demand in the US, France, the UK, Canada and Spain, as well as oil exporting nations such as Russia, Mexico and Opec members. Japan and China also benefited from a strong boost to net trade, with world trade growth rising to 9.1 per cent following 3 years of sub—trend growth. GDP Growth in both the US and Japan rose well above recent trends last year, while the UK and Canada also performed relatively well. We also saw a strong acceleration in South America and Africa. The Euro Area remained weak relative to the other major economies, but nonetheless GDP growth accelerated by a full percentage point relative to 2003, to 1.7 per cent.

Type
Articles
Information
National Institute Economic Review , Volume 193 , July 2005 , pp. 11 - 32
Copyright
Copyright © 2005 National Institute of Economic and Social Research

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