A key element underlying this positive outlook is the fact that the US economy is continuing to grow at a high rate, but the strong recovery and the acceleration of growth in other areas also support this view. The strongest level of performance is currently being recorded in emerging market economies in South-East Asia, while the broad outlook in Japan remains uncertain.
There is also further evidence that economic activity in the euro area continued to expand strongly after the third quarter of last year. While euro area estimates for the fourth quarter of 1999 are not yet available, data for individual Member States point to continued robust output growth.