The summer’s economic indicators have been relatively reassuring on the health of the global economy. When consumer spending has been sluggish, companies have begun to invest and hire again, contributing to an improvement in the outlook for future growth and leaving room for a more robust recovery in world trade. The only missing item is inflation, which the central banks need if they are to commit to a more significant reduction in their monetary support. On this score, however, the horizon has clouded up during the summer while, in addition, political tensions have been exacerbated.
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