Less Buoyant Tendencies

Given the slowdown in the emerging economies, we are lowering our estimates slightly The United States maintains honourable growth; Europe is no longer accelerating Without going so far as to predict they’ll get stuck in a rut, we do foresee a dip in the trajectory of the leading economies as growth stops accelerating. The main cause is the slowdown in trade with the emerging countries, which are losing steam and their currencies have plummeted since summer 2015. Of the four BRIC countries,
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