Previous Issues

Current Issue
2006
   
Issue 2006/10: December 2006 Is Inflation Really Down and Out?
Issue 2006/09: October 2006

Looking Forward, to 2007 and Beyond

Issue 2006/08: September 2006

A Happy Slowdown?

Issue 2006/07: July  2006 Decoupling: Economies vs. Markets
Issue 2006/06: June  2006 Building the World: Opportunities in Infrastructure
Issue 2006/05: May  2006 GloCo-Motives: Arguing the Case for Globalization
Issue 2006/04: April  2006 The Dangers of 'Economic Nationalism'
Issue 2006/03: March 2006 G3 Monetary Policy: Where Do We Go From Here?
Issue 2006/02: February 2006 Does Globalization Allow You to Invest Abroad While Staying at Home?
Issue 2006/01: January 2006 Will 2006 Be a Year of Resilience or Complacency?
 
2005
   
Issue 2005/11: December 2005 An Upbeat Picture for the World Economy in 2006, But a Slowdown Looms for 2007
Issue 2005/10: November 2005

GS Global Capex Survey Points to Higher Spending and Highlights Risks to Our Rates View

Issue 2005/09: September 2005

60 Is the New 55: How the G6 Can Mitigate the Burden of Aging

Issue 2005/08: August 2005 Changing Our Views
Issue 2005/07: June 2005 Global Outlook: A Turn in the Industrial Cycle
Issue 2005/06: June 2005 G8 Debt Relief: A Small Step on the Road to a Stronger Africa
Issue 2005/05: May 2005 A World Beyond Oil
Issue 2005/04: May 2005 Worries About Global Growth Intensify
Issue 2005/03: April 2005 The Changing M&A Environment
Issue 2005/02: February 2005 GS Global Capex Survey: Corporate Risk Appetite Returning
Issue 2005/01: January 2005 The Economic Outlook for 2005 and In to 2006
2004  
Issue 2004/10: November 2004 Election Euphoria Collides with Economic Reality
Issue 2004/09: September 2004 The BRICs and Global Markets: Crude, Cars and Capital
Issue 2004/08: September 2004 Oil Prices and US Growth: Excuses, Excuses
Issue 2004/07: August 2004 Strategic Opportunities in the ‘Decade of Security’
Issue 2004/06: July 2004 Migration Can Help the Developed World, But It Is No Panacea for Ageing
Issue 2004/05: June 2004 The Return of Pricing Power: Key Themes From the US and Europe
Issue 2004/04: May 2004 Proposed Reforms to Corporate Defined Benefit Plans: Few Worries for the Markets
Issue 2004/03: February 2004 Carving the India-US Corridor: The Rise of Offshoring
Issue 2004/02: January 2004 What The World Needs in 2004 to Extend Our Optimism into 2005
Issue 2004/01: January 2004 Who Will Produce the Next GloCo?
2003
Issue 2003/15: December 2003 A Bright Start to 2004
Issue 2003/14: December 2003 The Evolution and Return of Hostile Activity
Issue 2003/13: November 2003 Stronger CEO Confidence Suggests a More Durable Economic Recovery
Issue 2003/12: October 2003 Dreaming With BRICs: The Path to 2050
Issue 2003/11: September 2003 A Brightening Picture for the World Economy
Issue 2003/10: August 2003 Getting Globalization Right: Meeting the Challenge of the Century
Issue 2003/09: June 2003 Will Real Rates Really Stay Low?
Issue 2003/08: May 2003 Is the World Economy Getting What It Needs?
Issue 2003/07: April 2003 The Doha Round: The Stakes for MultilateralismAre Very High
Issue 2003/06: April 2003 Post-War Germany’s Lessons for Post-War Iraq
Issue 2003/05: March 2003 How Much Does the War Matter for the Global Economy?
Issue 2003/04: March 2003 Five Reasons To Expect A Muted Recovery in Global Capex
Issue 2003/03: February 2003 What Could Make Consumers Stop Spending?
Issue 2003/02: February 2003 Oil Prices: More 'Perfect Storm' Than 'Desert Storm'
Issue 2003/01: January 2003 Taking a Stance on the Global Picture in 2003
2002
Issue 2002/15: December 2002 The Cost of Fighting
Issue 2002/14: November 2002 The Equity Risk Premium: It's Lower Than You Think
Issue 2002/13: October 2002 The Boom-Bust Capital Spending Cycle in the US: Lessons Learned
Issue 2002/12: October 2002 Will an Attack on Iraq Tip the World Into a Double-Dip?
Issue 2002/11: July 2002 European Competition Policy: The View From the Top
Issue 2002/10: July 2002 Enhancing Financial Transparency
Issue 2002/09: June 2002 Why the World Economy Needs Another Global Leading Indicator
Issue 2002/08: June 2002 Restoring Investor Confidence: An Agenda for Change
Issue 2002/07: June 2002 The Unsustainably Strong Dollar
Issue 2002/06: April 2002 Will the Global Economic Recovery Slip on Oil?
Issue 2002/05: April 2002 Underinvestment in Commodities Means Markets Will Be Tighter, Sooner
Issue 2002/04: March 2002 Looking Ahead to 2003
Issue 2002/03: March 2002 The World in New York
Issue 2002/02: February 2002 The Aftermath of September 11
Issue 2002/01: January 2002 The Outlook for Globalization

Contact Information:

Sandra Lawson, Senior Global Economist sandra.lawson@gs.com Tel : 44 20 7774 8736


©2003 Goldman, Sachs & Co. All rights reserved.

This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based upon this material. This material is for the general information of clients of Goldman Sachs. It does not take into account the particular investment objectives, financial situation or needs of individual clients. Before acting on any advice or recommendation in this material, a client should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. Certain transactions, including those involving futures, options, and high yield securities, give rise to substantial risk and are not suitable for all investors. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without Goldman, Sachs & Co.’s prior written consent.

This material has been issued by Goldman, Sachs & Co. and/or one of its affiliates and has been approved by Goldman Sachs International, which is regulated by The Financial Services Authority, in connection with its distribution in the United Kingdom and by Goldman Sachs Canada in connection with its distribution in Canada. This material is distributed in Hong Kong by Goldman Sachs (Asia) L.L.C., in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch, in Japan by Goldman Sachs (Japan) Ltd., in Australia by Goldman Sachs Australia Pty Limited (ACN 092 589 770), and in Singapore through Goldman Sachs (Singapore) Pte. This material is not for distribution in the United Kingdom to private customers, as that term is defined under the rules of The Financial Services Authority; and any investments, including any convertible bonds or derivatives, mentioned in this material will not be made available by us to any such private customer. Goldman Sachs International and its non-U.S. affiliates may, to the extent permitted under applicable law, have acted upon or used this research, to the extent it relates to non-U.S. issuers, prior to or immediately following its publication. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. NR (Not Rated): The Investment Rating and Target Price, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s) and/or Goldman Sachs policies in circumstances where Goldman Sachs is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances.

Further information on any of the securities mentioned in this material may be obtained upon request, and for this purpose persons in Italy should contact Goldman Sachs S.I.M. S.p.A. in Milan, or at its London branch office at 133 Fleet Street, persons in Hong Kong should contact Goldman Sachs (Asia) L.L.C. at 2 Queen’s Road Central, and persons in Australia should contact Goldman Sachs Australia Pty Limited. Unless governing law permits otherwise, you must contact a Goldman Sachs entity in your home jurisdiction if you want to use our services in effecting a transaction in the securities mentioned in this material.