| Abstract: | 2004 will go down in history as a period of rapid expansion, even though the globaleconomic growth rate slowed markedly during the course of the year. However, it did notcome to a complete standstill despite the renewed increase in the price of oil and otherenergy commodities. Is there a threat of stronger price rises that would  force the centralbanks to renounce their expansive course of monetary policy? Will the slowdown in therate of global output expansion continue? If so, will this be only temporary, or can perhapsa return to a markedly faster rate of expansion be expected? |
