The message from data released since March is that the global economy is struggling to gain momentum. The recent disappointing indicators, particularly for China, have once again heightened uncertainty by widening downside risks, and commodity markets have fallen back as a result. Uncertainty over economic policy and its impact, particularly in the US and Europe, is undoubtedly a drag on growth and we are no nearer to this uncertainty being resolved. We therefore remain cautious over the outlook for this year and expect the world economy to expand by just 2.2%, unchanged from last year.
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