World economic activity is estimated to have risen by 4¾ per cent in 2000, the fastest rate for more than a decade. Growth accelerated in all the major geographical areas last year, with GDP rising by an estimated 4.2 per cent in the OECD economies and activity recovering strongly in many developing countries in Asia, Latin America and Eastern Europe. World trade was exceptionally buoyant, with merchandise trade volumes rising by an estimated 13 per cent. However there is now clear evidence that the growth of the global economy has passed its peak.