In fact, we have for quite a long time been relatively optimistic about the outlook for the world economy. When looked at region by region, there is good growth nearly everywhere.
Obviously, the United States, China, India and East Asia are doing well, but the places we tend to overlook are also doing well – for example, Latin America, the Middle East and the former Soviet Union. Even Africa has picked up, and so has Japan. The only area that continues to disappoint is continental Europe, particularly the big three – Germany, France and Italy.