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
The pace of global output growth remains quite moderate, a reflection ofthe continuing cyclical underperformance in many nations, and thestructural adjustments underway in a number of economically relevantcountries. A chronic shortfall in aggregate demand remains the significanthurdle to stronger growth internationally. At the same time, economies arebeing challenged by both temporary weather-induced setbacks, the latestinvolving significant drought and fire conditions in a number of regions,and the dampening of confidence related to the fallout from Greece’slatest debt struggle, and the renewed
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