The pace of global output growth remains quite moderate, a reflection of
the continuing cyclical underperformance in many nations, and the
structural adjustments underway in a number of economically relevant
countries. A chronic shortfall in aggregate demand remains the significant
hurdle to stronger growth internationally. At the same time, economies are
being challenged by both temporary weather-induced setbacks, the latest
involving significant drought and fire conditions in a number of regions,
and the dampening of confidence related to the fallout from Greece’s
latest debt struggle, and the renewed