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Global Economic & Market Outlook (Ιούλιος 2013)

• We expect global economic growth to pick up momentum in H2 2013
• The euro area economy is expected to stabilize on the backdrop of slowly improving business sentiment and some relaxation in fiscal targets• In the US, we expect a modest acceleration of economic activity, as the negative drag from the 2013 tax increases diminishes over time
• Economic activity in EMs is expected to improve marginally in H2 2013 after the soft patch recorded in H1 due to stronger growth in advanced economies and less volatile external conditions...