We begin a new year marred by catastrophe. We must succour the survivors. Beyond that, words fail. I shall turn instead to the world economy in 2005.

In 2004, the economies of the members of the Organisation for Economic Co-operation and Development grew by some 3.6 per cent, a healthy improvement over 2.2 per cent in 2003 and 1.6 per cent in 2002. The US led the way, yet again, with an expansion forecast by the OECD secretariat at 4.4 per cent. Surprisingly, Japan managed 4 per cent. Less surprisingly, the UK achieved 3.2 per cent. Not at all surprisingly, the eurozone remained the laggard, on 1.8 per cent. Yet even this was a big improvement on a miserable 0.6 per cent in 2003.