Overview

This joint report reviews recent performance and short term prospects for the world economy and considers some key global economic policy and development issues. Findings include that growth of gross world product (GWP) increased by four per cent in 2004, compared with a rate of 2.8 per cent in 2003 and a forecast of 3.25 per cent for 2005. Growth in the developing countries was the fastest for more than two decades, with output in transition economies continued to increase more rapidly than in other major country groups. Among developed countries performance was more varied, with growth rates strong in North America, moderate in Japan and weak in Europe.

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