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The story shifts from east to west

As the west recovers and emerging economies start to struggle, the pattern of growth is reversing

By George Magnus   November 2013

The new European Central Bank headquarters under construction in Frankfurt © Rex/Action Press

Something unusual is happening in the world economy. Over the summer, economic forecasters have become more optimistic about the prospects for economic growth in the western world for the first time in four years. But in emerging and developing countries, there are new concerns about weakening economic growth and instability. This about-face in the fortunes of richer and emerging countries wasn’t in the script we have been reading in recent years. Even though rich countries are by…

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