The weakness of the world economy continued even after the end of the Iraq war, with demand and output showing only modest signs of improvement. Will the expectations of recent months, which have again become distinctly more optimistic, prove to be exaggerated? Or is the global economy, thanks to highly expansive monetary policies in many countries, on the brink of sustained recovery? Is a synchronised upswing probable, or will an economic growth engine again be needed to lead the way forward?
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