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Résumé
Over the last six months, most countries have continued to register strong economic growth. Recoveries have taken hold in many emerging-market countries, and the Japanese economy, while still fragile, is showing more consistent evidence of sustained expansion. In the euro area, growth has continued at a strong pace. The U.S. economy has also remained robust, but increases in official interest rates have contributed to some recent slowing. The other major development internationally has been the sharp rise and volatility in world oil prices. Higher energy prices have already pushed up headline inflation rates in most countries and are likely to moderate the pace of economic expansion somewhat both this year and next.