World economy barometer - no sign of global recovery gathering momentum

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World economy barometer - no sign of global recovery gathering momentum

World economy barometer - no sign of global recovery gathering momentum

Economic Analysis

18 March 2013

Key messages:

  • February’s PMIs (purchasing manager indices) dashed hopes that the global recovery would gain momentum through the start of the year
  • More encouragingly, the manufacturing new export orders components are showing solid improvements across major manufacturers, giving hope to a pick-up in global manufacturing in the coming months
  • Germany’s outperformance in comparison to France is becoming increasingly pronounced
  • And this isn’t the eurozone’s only problem. Long-term unemployment is rising across many of the region’s economies, with Spain and Portugal particularly worrying
  • China's recovery is not faltering, but it looks to be losing a little momentum. Credit growth needs to ease

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