Global economic growth is likely to continue gathering pace after a pick-up in the third quarter of this year, Mr Jean-Claude Trichet, European Central Bank president, said yesterday.
"We have very much confidence at the global level that growth is picking up and that recovery is gaining momentum," Mr Trichet said, after a meeting of the world's leading central bankers, whic took place in Bangkok.
"We are reasonably confident that this recovery, or picking up of growth, or acceleration of growth would continue."
Optimism about prospects for the global economy is already running high, in the wake of a number of recent positive surveys and indicators.
Last week brought unexpectedly strong jobs data from the US, and other data have shown the economy there grew by an annual 7.2 per cent in the third quarter of the year, its strongest rate in almost two decades.
There was also upbeat news from Europe, where a survey of purchasing managers showed activity in the services sector reached its highest level in almost three years in October.
This week, attention will be on the official figures for euro-zone GDP growth in the third quarter, due out on Friday.
"It will be quite likely that growth next year will be better than the present year, on average," Mr Trichet said, adding that in some parts of the world, 2005 would be an even stronger one still.
In September, the International Monetary Fund forecast 4.1 per cent growth for the world economy next year, up on this year's projected 3.2 per cent figure.
Mr Trichet would not comment on what the consequences of stronger growth might be for the direction of interest rates, saying the situation was different for each economy. - (Financial Times Service)
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