World Economy Growth Rate Up

The world's economy in 2004 should grow at its fastest rate for 30 years despite rising oil prices, the International Monetary Fund has said.

The IMF raised its forecast to 5% from 4.6% in what will be the strongest growth seen since 1973, if its forecast is accurate.

Rising corporate profits and strong housing markets boosted growth in 2004.

However, the IMF downgraded 2005's global growth forecast to 4.3% from 4.4%, citing oil prices as a concern.

More here.