Business surveys suggest that global growth picked up towards the end of 2012 and in early 2013, although they are still consistent with relatively low growth by historical standards. Meanwhile, inflation in advanced economies continued to fall towards the end of last year and there are no significant signs of rising price pressures. World financial markets began the year in an optimistic mood as the US avoided the worst of the “fiscal cliff” and financial tensions in the euro-zone eased, at least for now.
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