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We have had to revise down our cautiously optimistic March outlook slightly, for two reasons. First, US growth will be lower than expected in 2015 due to a disappointing first quarter. Secondly, the slowdown in the emerging countries will be a little more marked than originally forecast, with recessions in particular. Despite the improved outlook for growth in the Eurozone, the world economy as a whole is ultimately set to grow more slowly in 2015 than in 2014, before a rebound in 2016.
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