If it were not for the euro-zone crisis, world economic growth would probably gather pace next year. Prospects for the US are brightening, there has been significant progress with private sector deleveraging and we think oil prices are more likely to fall than rise. However, in practice, we expect a deepening of the euro-zone crisis, continued public sector austerity and a structural slowdown in key emerging economies to keep global growth weak in 2013-2014.
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