International Growth and Inflation
This is the fourth consecutive year of strong output growth in the current global expansion. Output increased rapidly in the first half of 2006, leading the International Monetary Fund’s most recent World Economic Outlook to project a 5.1% increase in real GDP. The IMF’s analysis shows that thus far the expansion has been broad based; the U.S. economy posted strong first-quarter growth, the euro area expansion has begun to accelerate, and Japan has continued to experience positive economic growth. On the emerging-market side, China has maintained its strong growth, while developing Europe and the rest of Asia have continued to expand. Even Latin America and Africa have posted strong growth numbers.
Suggested citation: “International Growth and Inflation,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-11, pp. 08, 11.15.2006.