Global economic outlook and scenarios

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      <subfield code="a">The US economy is projected to expand by a moderate 2.2% this year and the next. Growth will also be moderate in the Euro area and the UK. China will still average growth a bit above 6% this year and next, while Japan will be a bit below 1%. The Fed is expected to continue raising interest rates and begin lowering its balance sheet this year. Though political uncertainty is high, nothing looks likely to break in the immediate future and there are no signs of recession.</subfield>
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