General Economic Situation
| Service |
General economic situation
In the first half of 2004, the world economy continued on the strong upswing. Major overall conditions which have hitherto been the driving force behind this trend are expected to be less favourable in the second half of the year. Nevertheless, stimulating forces are expected to be strong enough to keep the world economy on the path of expansion.
Regional development
Economic expansion was particularly strong in the Asian region, boosted by the strong demand in China. The US saw a consolidation of economic recovery and strong growth in employment. In the European Union, the pace of expansion continued to pick up but was relatively moderate in comparison with other regions. Exports continued to be the mainstay of growth, while private consumption did not yet provide a major impetus.
Development of the divisions
Tourism continued to show an upward trend, as in the first quarter. The economic and political environment continues to brighten so that the second half of the year is expected to improve on the difficult previous year. Regional differences persisted, with markets which had been particularly strongly affected last year recording aboveaverage improvements.
In the logistics division, the positive trend in container shipping continued. Transport volumes grew again, with freight rates maintaining their high levels. This was essentially attributable to persistent growth in the Asian economies and economic activity in the US.