Issue No: 134 2 1st December 2005 Goldman Sachs Economic Research Global Economics Paper Goldman Sachs Economic Research Group 1 Jim ONeill, M. D. & Head of Global Economic Research Global Macro& 2 Dominic Wilson, M. D. & Director of Global Macro& Markets Research Markets Research 1 Francesco Garzarelli, M. D. & Director of Global Macro& Markets Research