Global economy recovers

In its annual report, the Basel-based BIS, known as the central bank of central bankers, said the real growth of global economy has been maintained around levels that are among the highest recorded in the postwar period, and many of the world's poorest countries have shared in this growing prosperity.

It noted that underlying inflation levels have generally remained subdued, despite significant upward shocks to most commodity prices.
    Record global trade imbalances have been easily financed and exchange rates have been generally stable.
    "The combination of developments is so extraordinary that it must raise questions about the source and, closely related, the sustainability of all this good fortune," the report said.