Forecast: Global Economic Growth Of 4.75% In 2004

ByJohn S. McClenahen With strong performances expected from the U.S. and Asia, the global economy is poised to post 4.75% growth this year, matching the strongest performance in a generation, states Michael Mussa, a senior fellow at the Institute for International Economics, Washington, D.C. He foresees 4.5% economic growth for the U.S. this year, 7.5% for Asia, 2% for Western Europe, 3.75% for Latin America, 4.75% for Central and Eastern Europe, 4.25% for the Middle East and 4.5% for Africa. "Although recovery in Western Europe will continue to lag, most of the rest of the world will participate in the general global upswing, with strong commodity prices aiding a number of developing countries," he says.