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Worldwide economy roars ahead: The global economy is boldly rising, and the United States is leading the charge. (David R. Francis, 4/16/04, CS Monitor)

Led by bustling business activity in the US and Asia, the global economy has finally begun a strong revival - one that some see turning into a sustainable boom.

Worldwide economic growth could hit 4 percent or higher this year, well above what was forecast just months ago. A key reason: Low interest rates, set by many nations' central banks after America's stock market meltdown rippled around the world in 2000 and 2001, are bearing fruit in consumer demand.

A US recovery is now matched by signs of health in Japan. China and India, meanwhile, are roaring ahead so speedily that the talk is about when, not if, they become economic superpowers.

This doesn't mean there aren't danger signs - notably high oil prices and new risks of inflation. But some economists see the promise of growth matching the 4.8 percent pace last seen, by one measure, in 1984.

"The strongest performance in a generation," reckons Michael Mussa, a former International Monetary Fund (IMF) chief economist who forecasts world growth hitting 4.75 percent this year.

The world may enjoy "solid growth that goes on and on and on" - rather than boom and bust, adds Richard Reid, an economist in London with Citigroup, the largest American banking firm.

Isn't it John Kerry who christened this the "Bush economy"?

Posted by Orrin Judd at April 15, 2004 6:45 PM