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Economic momentum in the global economy remained fairly steady in the first half of 2014, with Grosvenor’s global economic activity indicator continuing to hover at a level consistent with positive, but moderate growth.
While the consensus is for momentum to improve further over the next six months in response to stronger growth in the US and China, the pace of the global upswing remains relatively weak by historical standards - particularly for this stage of the cycle. A recovery in private investment spending remains conspicuously absent in many OECD markets, suggesting there is still excess capacity in the global economy. Consistent with this, inflationary pressures remain well-contained, with inflation below target in virtually all advanced economies.
Source : Grosvenor
