No double -dip, but growth to stay slow

Relax: the world is unlikely to plunge into a double-dip recession, notwithstanding the crash in global stock markets and the US loss of AAA rating from Standard & Poor's. However, the global economy is slowing down, and slow global growth may persist for years - this typically happens when a recession arises from a financial crisis. The fall in stock markets looks more a buying opportunity than the start of another slide to recession levels. US politicians managed to increase the country's debt ceiling on August 2 just in time to avoid technical default.

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