2016 will be about the search for modest growth, while Fed fund rates will be hiked for the first time since 2007. While the US is further along into its recovery, Europe and Japan are only in the early stages of their growth momentum. China, in contrast, is set to grow at a slower pace than in previous years, as it continues with its economic and structural reforms. In all, world growth should remain moderate, and any positive surprises – such as economic growth beating expectations or wages rising more than forecast – look unlikely.
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