High oil prices will dampen global growth in the remainder of 2004 and into 2005.

Alberta has experienced a relatively high rate of growth in recent years, mainly because of its burgeoning economy.

But high rates of investment there are also unsustainable.

Given the high rate of growth in China s money supply, there could be considerable pressures for the yuan to actually depreciate, because a rate of monetary growth that exceeds the growth rate of economic activity tends to cause a currency s exchange rate to fall.

The second threat to economic recovery is high oil prices.

France s meager growth is surprising.

How fast is the US economy now growing?

Economies appear to be on a stable, upward path.

Later, higher world oil prices provided a further boost to the economy, generating funds for investment and expansion.

Economic developments in the region are promising, with almost all its economies posting high growth, fueled by increasing industrial output and exports.

Achieving Growth in a Rebalanced World

Asia s developing economies are soaring, with 9.4 growth.

MUMBAI The global economy s slowdown has not spared India.

It wants economic growth and it wants it now.

High oil prices kept Russia's economy and common people's income growing rapidly.

Even now, when commodity prices are falling, Namibia manages to maintain high growth rates.

And the emerging and developing economies should support domestic sources of growth.

Today s crisis marks the end of economic growth fueled only by credit.

There are, of course, risks to the pace of expansion in the coming year.

As Germany knows from its own experience in the early 2000s, the benefits of supply side reforms namely, improved competitiveness and higher long term growth rates take a long time to emerge.

Population growth pressures are falling, providing a powerful long term boost to Brazil's economic development.

An economy s current account is the difference between its investment rate and its savings rate.

Clearly, periods of global growth are almost always characterized by symbiotic imbalances.

Of course, exports have also slowed, given sluggish growth in the rest of the world.

In 12 of the last 20 years, Germany s growth rate been lower than the average of the other three large eurozone countries (France, Italy, and Spain).

Failure to recognize their impact implies that export and, in turn, growth projections will continue to miss the mark.

Three years of 4 growth in an economy at full employment is asking for inflationary trouble.

On one hand, policy must fuel asset bubbles to keep the economy growing.

Subsequently, they were constrained by the limits to their fiscal reactions embodied in the Maastricht Treaty the large economies of Continental Europe had not done enough budgetary consolidation during the years of good growth.

Monetary policy alone cannot resolve the consequences of inaction by regulators and supervisors amid the credit excesses of the last few years.

The projected increase in global growth next year will likely not happen.

Clearly, Gordon s gloomy assessment of America s growth prospects deserves to be taken seriously.

So a US hard landing and global slowdown is unavoidable.

Initially, the Europeans underestimated the slowdown they confronted.

At the heart of their concerns is the lack of sustained demand needed to drive growth.

But high oil prices threaten the health of the entire 45 trillion world economy.

Prices are high.

The waves are high.

Are they tall?

The prices are high.

Are you tall?

The trees are tall.

But, one way or another, Japan s once sky high growth rates probably would have fallen sharply.

As China s economy grows relative to the economies of its trading partners, the efficacy of its export led growth model must inevitably fade.

In short, 2006 will be marked by mounting uncertainty about prospects for global economic growth, even as the distribution of the fruits of that growth remain dismally predictable.