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Global Economic Forecast:
U.S. a Drag on Global Growth

Posted December 15, 2006 | Categories: Forecasts, Hawaii's Economy

Despite high oil prices, the global economy has had a very good year, and combined real gross world product is expected to end the year 3.8%higher than 2005. Next year will be considerably weaker, primarily because of slowing in the United States, where the end of the housing boom now represents a substantial drag on the economy. World output will expand by about 3.3% in 2007. The housing slowdown and the possibility of rapid adjustment of global trade imbalances are the primary downside risks.

forecast Summary

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