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As countries around the world begin to unwind supportive fiscal and monetary policies, 2022 will be the first proper year of economic normalisation after the onset of the Covid pandemic, assuming no nasty new variants emerge.

While global growth is likely to cool by about a percentage point as a result compared with the rapid bounce-back in 2021, average consensus forecasts remain robust at 3.9% for developed countries and 5% for emerging markets...

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