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By PWM Editor

“The signs are encouraging that the spike in energy prices has served to mute the amplitude of the US economic cycle rather than end it prematurely. Crucially, employment trends and business confidence have remained solid, even as consumption has softened. Assuming that oil prices stabilise below $45 [e34] and that exchange rate adjustments are not too disruptive, we expect respectable (3 per cent plus) global growth in 2005.”

 

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