By October and November, it appeared that the slowdown was taking growth modestly below trend. Given the supply-side uncertainties I noted earlier, this outcome also seemed acceptable.
For the first time, these meetings are being hosted by a country in this region. I am sure that the IMF and the World Bank have made an excellent choice in selecting Dubai as the venue. I thank the United Arab Emirates for their warm hospitality and their splendid organizational performance. II. The economic situation in many parts of the world has improved.