There is increasing evidence that the recovery in the developed economies is both gathering momentum and broadening in scope. The United States continues to lead the upturn, with particularly robust growth in the third quarter of 2003 and with evidence that the recovery is on a more durable footing, as investment expenditure has finally begun to rebound. Japan appears to have emerged from its long period of stagnation, but growth remains dominated by exports, with far less vigour in domestic demand, and deflation has not ended. Western Europe has returned to growth, but investment continues to decline and the recovery is far from secure (see figure III.1).

Sustainable Development Goals:
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