After several years of robust growth, the world economy is now facing some serious challenges in sustaining its brisk pace. According to the projections contained in this report, the end of the housing bubble in the United States, as well as the unfolding credit crisis, the decline of the United States dollar vis-à-vis other major currencies, the persistence of large global imbalances and high oil prices will threaten the sustainability of global economic growth in the coming years. The 2008 update offers an authoritative and reliable insight into current trends and policies in the world economy.