Regarding fiscal policies, the broad-based expansion calls for rebuilding fiscal buffers. This is particularly important in countries where government debt is high and for which full adherence to the Stability and Growth Pact is critical for safeguarding sound fiscal positions.
In each of the four years that followed, world GDP growth has been over 4 per cent in real terms. Last year, it was 5.2 per cent. In fact, the world economy has grown more during this period than in any other five-year period since the second world war.