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Global Economic Forecast:
World Economy Weathering Oil Price Shock

Posted December 8, 2005 | Categories: Forecasts, Hawaii's Economy

Global expansion continues, but at a slower pace than a year ago. High oil prices are an important part of the story, but so too is anemic consumer spending in Europe and Japan, as well as weak investment demand globally. As we expected, the global business cycle peaked in 2004, cooling somewhat this year. Moderate expansion is expected to continue for the next several years. Among risks to the outlook are widening global imbalances and the possibility of a global flu pandemic.

forecast Summary

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