In 2004 the world economy showed robust economic growth. Among the industrial countries, the United States led the way with annual growth of about 3.7%. Among developing countries, China's enormous growth of 9.5% stimulated economic activity throughout East Asia. India grew about 6.6% - well above population growth and its own past history. More astonishingly, after languishing for more than two decades, Latin America's growth averaged 5-6%. True, the euro area and Japan are lagging, with annual