Macroeconomics

As far as general economic data was concerned, there was little of interest during the period under review (May 18-June 1 2004). All the larger economies produced slightly better results with Germany, France, Italy and the Netherlands posting moderate expansion in their economies while Japan continued its moderate growth. Oil prices remained high and are likely to rise further after last week’s terrorist attack in Saudi Arabia. Worries about high oil prices have reached the general media and the minds of politicians and economists.  OPEC is starting to talk about the long term effect of an exaggerated price for oil.

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