The World Economy in 2004
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Case Details:
Case Code : ECOA121
Case Length : 20 Pages
Period : 2004
Organization : -
Pub Date : 2004
Teaching Note :Not Available
Countries : Global
Industry : -
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In its annual meetings in Dubai on September 23-24, 2003, the International
Monetary Fund (IMF) predicted that the world economic growth would increase from
3.8% in 2002 to 3.2% in 2003 and 4.1% in 2004.
Strong demand in USA, rapid
growth in China, increasing business confidence in Europe and signs of recovery
in Japan had led to this optimistic prediction. But even as the outlook for the
global economy improved, some structural issues needed to be addressed.
Excessive reliance on USA was one of the biggest problems facing the global
economy.
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Since 1995, almost 60% of the cumulative growth in world
output had come from America. If American demand were to drop significantly, the
world would tumble into recession. At the same time many economists believed the
scope for sustaining American demand was limited. Americans were spending far
beyond their means, with their budget and trade deficit seemingly out of
control. Meanwhile, Europe was having problems of its own...
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