• The world economy will experience a synchronised upturn for the first time since 1994, with growth accelerating in 2000 in all the major regions.

• Despite global economic growth of over 4 per cent in 2000, inflation will remain under control at 2 per cent in the OECD area.

• The US economy will expand by 4.5 per cent, spurring the Federal Reserve to raise interest rates to 7 per cent by the beginning of next year.

• The euro zone will grow by 3.4 per cent, prompting the European Central Bank to raise interest rates to 4 per cent by the end of 2000 and 4.5 per cent in 2001.

• Although the Japanese economy has technically slipped back into recession, we expect growth of 1 per cent in 2000, strengthening to 2.4 per cent in 2001.