An article in the UK's weekly The Business has some interesting figures on global economic outlook. In 2006 the world economy will grow at nearly 5% which will mark

the first time since the early 1970s that the world economy has grown at more than 4% for four years in a row and the strongest three—year period of global economic growth since 1972—74.

Asian gross domestic product (GDP) is expected to grow by 6.7% and that of Latin America by 4.4%. The US economy should also post solid growth — in the past six months it was expanding at a 5.1% annualized rate.

The Euro zone will be once again the most sluggish among the major economic blocks. Growing by a mere 2% this year and 1.8% next year, it will expand at less than half the pace of the global economy. This is yet another piece of evidence of the failure of the European welfare state model. The bad news, however, is not likely to dampen American liberals' famed enthusiasm for the European way of doing things. But what else is new in their admiration for failure?

Vasko Kohlmayer    4 22 06