The scenario we have been predicting for more than a year, namely a clear dropoff in growth in the US, has taken shape. While Europe has held its stand at year-end 2006, we expect a slowdown also here. In contrast, emerging economies especially in Asia are producing positive surprises.
US weakening, but no risk of recession
With around 2% annualised quarterly growth in the fourth quarter of 2006, the signs of an economic slowdown...
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