Argentina’s growth is impressive, some 10%, but unless it clears its foreign debt hurdle there is no guarantee that the recent performance will continue over the medium term. Russia and a few transition economies also show strong growth, although, as in the case of many Latin America countries, the boom in raw materials and energy prices has significantly contributed to this outcome.
To a large extent, this world recovery is due to the strength of the Asian economies, which have overcome the trauma of the crisis in 1997-98 and are now growing again at rates around 6-7 percent.