The global economy is healing, but the pace of recovery differs markedly between countries. The US is now rebounding from its weather-induced slowdown and the euro-zone is steadily gaining momentum. On the other hand, activity in China has slowed further in response to policies designed to dampen credit growth, and it looks as if output in Japan will contract in Q2. Against this backdrop, global inflation remains very low everywhere and deflation is a growing threat in the euro-zone.
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