Hostname: page-component-7bb8b95d7b-495rp Total loading time: 0 Render date: 2024-09-18T13:14:07.206Z Has data issue: false hasContentIssue false
  • English
  • Français

The World Economy

The Oil Price and World Balances

Published online by Cambridge University Press:  26 March 2020

Get access Rights & Permissions [Opens in a new window]

Extract

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

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Al-Eyd, A., Barrell, R. and Pomerantz, O. (2005a), “Dollars and deficits - the US current account deficit and its exchange rate consequences,” National Institute Economic Review, No. 191.CrossRefGoogle Scholar
Al-Eyd, A., Barrell, R. and Pomerantz, O. (2005b), “Correcting US imbalances,” National Institute Economic Review, No. 192.CrossRefGoogle Scholar
Barrell, R. and Pomerantz, O. (2004), “Oil Prices and the World Economy,” NIESR Discussion Paper No. 242.Google Scholar
Barrell, R., Choy, A. and Pomerantz, O. (2005), “World economic prospects and the risks from oil prices”, National Institute Economic Review, No. 192.Google Scholar
Betschart, S., Rohr, R. K., Mosimann, C. and Siepmann, C. (2005), “The Impact of the Increasing International Division of Labour on Europe's Foreign Trade,” KOF Working Paper No. 104.Google Scholar
Jud, G. D. and Winkler, D. T. (2003), “The Q Theory of Housing Investment”, Journal of Real Estate Finance and Economics, Vol. 27, No. 3, pp. 379–392.Google Scholar
Takala, K. and Tuomala, M. (1990), “Housing Investment in Finland,” Finnish Economic Papers, Vol. 3, No. 1, pp. 41–53.Google Scholar
Topel, R. and Rosen, S. (1988), “Housing Investment in the United States,” Journal of Political Economy, Vol. 96, No. 4, pp. 718–740.CrossRefGoogle Scholar