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Has the global economy turned?

Uncertainty in Italy is just the latest indication that hopes for 2018 were overblown

By George Magnus  

At the beginning of 2018, there was a distinct and welcome mood of optimism about the prospects for the global economy. IMF Chief Economist Maurice Obstfeld noted positive surprises in China and in advanced economies, including in Europe. He was by no means alone in framing a consensus articulated also by banks, global consulting firms and governments. Your scribe wasn’t so sure as you can see here, here, and here. As we approach the half-way stage of the year, the consensus has become rather more sober. Has a synchronised global recovery become a desynchronised and faltering…

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