Global Growth: Winning Economic Strategies

The US Treasury's Under Secretary for International Affairs thinks it is important to celebrate important recent developments in the global economy. Likewise, he says it is necessary to learn from the winning economic strategies that brought these about.

Addressing the St. Louis Gateway Chapter of the National Association of Business Economists recently, Under Secretary John B. Taylor pointed to recent IMF estimates of 5% global growth for 2004. Supporting this:

• most economies are growing at a healthy pace;

• there is no major economy currently in recession;

• inflation is low in most countries and globally remains lower than in the 1990s;

• there is no major financial crises brewing (the contagion of financial crises across countries has diminished);