The IMF predicted the global economy would expand by 4.6 percent this year after growing by 3.9 percent in 2003. Those growth rates are 0.6 percentage point higher than the IMF's last global forecast made in September.
For 2005, the IMF sees continued strong global output of 4.4 percent.
However, the IMF downgraded its forecast for a number of countries in Europe which have been struggling to find the right mix of policies to bolster lagging growth. Countries using the euro, which has hit record highs recently against the falling dollar, will see growth of just 1.7 percent this year as the weaker dollar boosts the competitiveness of U.S. exports against European products.
The IMF gave credit to President Bush's 2001 and 2003 tax cuts and low interest rates engineered by the Federal Reserve for fueling this year's economic rebound.
Apparently when the Democrats refer to President Bush as another Hoover they mean that he's generating so much economic growth that he's sucking up the rest of the world (except Old Europe, which is terminal) in his draft.
After I said our son had a test on Mckinnley and Coolidege that morning in American History, our housekeeper, who is a pretty sharp lady, asked me if Mckinnley was the guy the Democrats keep trying to compare Bush to.