Abstract
World growth remains below trend at 3.3 per cent in 2013 and 3.7 per cent in 2013, little changed from our previous forecast. World trade will only grow slightly faster, and again below trend. The Euro Area will grow only slightly next year, while Japan is forecast to grow by 1.4 per cent, the US by 2.4 per cent, and China by 7.3 per cent. Interest rates will remain extremely low by historical standards, and inflationary pressures will remain subdued.
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