Notwithstanding individual downside risks in the countries I have just mentioned and a more general uncertainty regarding the recovery in Latin America, the world economy seems to be set for higher growth. As regards economic activity in the euro area, some important data have been released since we last met.
A first estimate by Eurostat for real GDP growth in the second quarter of 1999 points to slightly lower quarter-on-quarter growth compared with the first quarter of this year. However, these data do not appear to impinge on the view that there is an upturn in growth in the course of this year.