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International Economic Outlook
Beginning of article
THE UNITED STATES, CHINA, AND INDIA EMERGE AS POLES OF GLOBAL GROWTH
I. GLOBAL ASSESSMENT AND OUTLOOK
Despite adverse geopolitical factors, high oil prices that topped $75 a barrel, and rising interest rates, the world's output is now estimated to have advanced by 5.2 percent in 2006, the fastest pace of growth in the last 33 years. A distinctive feature of the current global business cycle is the key role that the economies of three countries played in driving demand and shaping supply in the global economy.
Of the industrial countries, the United States led the world in technological advancements that accelerated productivity while the U.S. consumer stayed on …
