During our last meeting in Washington, it was expected that the global recovery could resume in the second-half of the year if the war in Iraq was short.
While the growth performance of the Asian region, the Middle East, CIS countries, the African countries and the Latin American countries has shown resilience, in view of the lack of sustained recovery in the industrialised countries, several new uncertainties have arisen. It is not clear as to what extent the US dollar would depreciate and how the global economy would adjust to that.