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The global economy continued to disappoint during the first quarter of the year as the U.S. economy repeated what has become commonplace in recent years during the first quarter: a weak rate of economic growth, this time recording real GDP growth of only 0.8 percent on an annualized basis. However, more recent activity data have suggested that U.S. growth is poised to bounce back in Q2, and indeed we have slightly upgraded our full-year 2016 real GDP growth forecast to 2.0 percent. Looking ahead, we expect U.S. economic growth will pick up slightly to 2.2 percent next year.


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