2006: Global economy to grow despite high energy prices

NEW YORK: The world economy has broadly withstood a steady two-year rise in oil prices, but despite a slowdown reaching virtually every economic region in 2005 it is expected to continue expanding in 2006, with Asia and North America at the forefront. 

The world's gross domestic product increased an estimated 3.2 percent in 2005, down from 3.8 percent last year, according to the World Bank. Growth is expected to be stable in 2006, before strengthening somewhat in 2007.