摘要：Global economic performance in 2005, though more moderate than in 2004, remained strong
despite the further rise in oil prices and the aftermath of natural disasters. Economic growth
decelerated from 5.3 percent in 2004 to an estimated 4.8 percent. This expansion was driven
mainly by a robust demand in the United States and China. Consumer spending expanded
because of improved labor market conditions. In addition, business investment continued
its upward trend, encouraged by relatively favorable financing conditions, healthy growth
in corporate earnings, and a decrease in the underutilization of production capacity. Overall
inflation was pushed up by the surge in energy prices but remained generally contained, in
part because of a decrease in the oil-intensity of the economic activity compared to the 1970s,
mainly in the industrialized countries.
