The year begins with the world in a precarious economic balance. Five of the world’s six largest economies are underperforming—the European Union, China, Japan, Brazil and Russia. Only the last two quarters of solid growth in the U.S. keeps the total from being six of six. Of those five underperformers, two—Japan and Russia—are in recession, while the EU teeters on the brink and Brazil has only barely emerged.
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