The rebound in the US economy in Q2 from its weather-induced downturnshould mean that global growth in the second quarter was much stronger thanin Q1. What’s more, business surveys suggest that activity continued to be fairlystrong in July. However, the euro-zone is lagging well behind, and growth therelooks likely to have slowed recently. Output probably contracted sharply inJapan in Q2, although this should be just a temporary set-back caused by thesales tax hike.
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