When forecasters at the International Monetary Fund and the World Bank laid out their expectations in January for the global economy this year, you could have summed it up easily: back to normal.
For the first time since the 2008 nadir of the financial crisis, they predicted that the US, Europe and the rest of the rich world would be driving global growth.
Good old-fashioned glob-alisation would be at the heart of it. Consumers in the rich world would have a growing appetite for goods made in China and other developing economies, lifting ex-ports from those countries and boosting badly needed growth.
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