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Official data have not been released yet, but it appears that the global economy grew roughly 3 percent in 2015. Not only is this rate below the average per annum growth rate of 3.5 percent that has prevailed over the past 35 years, but it also marks the slowest rate for global GDP growth since the global downturn in 2009. The global slowdown last year occurred largely in the developing world. Aggregate growth in advanced economies actually strengthened somewhat in 2015. That said, the 2.0 percent aggregate growth rate that developed world was able to eke out last year is hardly robust.

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