A slow road to recovery (TT Sep04 p13-14)

The global economy has recovered substantially this year and I am distinctly positive about the outlook for 2005. The euro zone is reviving and can be expected to improve further in the months ahead. A return to trend growth next year is on the cards. At the same time, the euro zone has cleared lagged the global pick-up. Recovery has been driven – particularly in Germany – largely by external rather than domestic demand.