Recent monthly economic indicators and business surveys show continued moderate global economic growth along with big variations between the major economies. Low interest rates, falling oil prices and smaller budget cutbacks in big advanced economies should underpin a gradual acceleration in growth to 3½% in 2015. Global economic growth remains heavily reliant on the continued good performance of China and the US with weakness across Japan, the Euro-zone and Latin America and a sluggish performance in Emerging East Asian economies.
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