Management Discussion and Analysis

摘要

2006 was a year of broad-based global economic growth among both developed and developing countries. Despite some early signs of a possible slowdown in the first quarter of 2007, the USA grew its GDP by 3.3% in 2006. Led by Germany and Spain, the Euro Zone achieved a smart turnaround and closed 2006 with 3% growth. Even Japan seemed to have decisively come out of a decade of deflation - and grew by 2.3% during 2006. Asia's growth rate was significantly higher. Led by China's 10.7% GDP growth, developing Asia recorded a growth rate of 9.4% - it's highest in the last 10 years. With China expected to maintain the same scorching pace in 2007, and India to grow at a forecasted rate of 8.5%, the economic situation for Asia looks positive.