World trade developments in 2005

After reaching a three-decade peak in 2004, global economic growth decelerated in 2005 mainly due to weaker economic activity in Europe, the United States and a number of emerging markets (e.g. the Republic of Korea, Chinese Taipei and Brazil). While Japan’s economic recovery strengthened, its GDP growth was still a moderate 2.6 per cent. Lower economic growth of developed economies contrasted with robust growth in 2005 for Africa, the Middle East and the Commonwealth of Independent States, which was in excess of 5 per cent. In developing Asia, China and India, the most populous economies reported another year of exceptional growth rates ranging from 8per cent to 10 per cent. In South and Central America, lower GDP growth in Brazil contrasted with strong growth, of 6.5 per cent, for the other countries in the region.