Preliminary business surveys suggest that global growth weakened further in July, butwe do not think that the world economy is heading for another major downturn.

Fears of a prolonged period of falling prices in advanced economies have eased over the past few months as both inflation and inflation expectations have rebounded. Nevertheless, the conditions under...

Real wages have typically fallen sharply after a major currency crisis and devaluation but have then begun recovering within a couple of years. The pace at which they have picked up has varied...

Global growth rebounded in the second quarter and should pick up a bit further in the coming two years. In advanced economies, demand will be supported by low oil prices and improving consumer...