The European Central Bank and Bank of England both acted to boost recoveries at their latest meetings in the face of disappointing economic data. Global growth slowed to the weakest since the recession, led by a steep downturn in the Eurozone and signs that growth is faltering in the US and UK. Depressed demand from the West also continued to subdue the performance of emerging market economies.
However, growth picked up slightly in China, and Japan's economy showed signs of finding its feet again. Furthermore, the weaker growth environment has brought with it a marked easing in price pressures, especially in manufacturing. This should feed through to lower consumer price inflation in coming months and could help boost consumer spending.
Much of course depends on the political situation in Europe, and an increased rate of contraction of business activity in the region's banking sector raises the spectre of further weakness in the coming months.
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