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Contents

Geographies:
China: A turning point? | 6
At a time when the global economy is modestly accelerating, China appears
to be faltering. For now, it seems likely that economic growth will decelerate,
credit growth will slow down, and the country’s new leadership will try to
address fundamental issues in the economy instead of resorting to stimulus.
Japan: Real progress with volatility | 10
Abenomics is kindling a boost in economic activity and a far more volatile
financial environment. Improving economic performance can only be considered temporary as it is driven by movements in asset prices and a boost to
business and consumer confidence. Longer-term improvements in economic
performance will require real economic reforms—something that remains
somewhat uncertain given the country’s current political landscape.
The United States: Working toward a recovery that can
stand on its own | 14
The United States will likely experience slow-to-moderate economic growth
for the rest of the year. Anemic economic expansion in 2013 may set the
stage for a stronger performance in 2014.
Eurozone: Exporting its...

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