Global Economic Outlook: Down but not out

There was a time when the prospect of $100 oil and a sinking dollar were the preserve of "what if" scenarios. Now they are central features of the economic environment that confronts us. Dealing with these challenges won't be easy, and a tough year lies ahead. But policymakers are on the front foot and emerging markets could yet prove to be the developed economies' white knight. (total 8 pages)