The company had projected growth of 4 to 8 percent.

The board projected overall growth of 6.2 percent for 2004.

But he projected overall growth in Germany of only 0.8 percent.

Budgets projected strong economic growth, if not at once then clearly in the near future.

Morgan had previously projected growth of about 1 percent over the next year.

"If we had projected modest growth, that would have been something," he said.

The increase is related to higher economic growth projected in low- and middle-income countries.

It now projects growth of as little as 15 percent during the fourth quarter.

The company had projected slower growth at the time.

But the Russian election is also taking place before the spurt of economic growth projected by the fund.