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...departments worked together to bring this Worm Economic Outlook to you. I am especially grateful to David Robinson, who has supervised an impressive series of high-quality Outlooks over the last six years, and will now be moving on to a different position in the Fund.
The world economy is in the midst of an extraordinary purple patch, with what looks like a third year of significantly above-trend growth. Growth is also becoming more balanced with Japan picking up strongly, and the euro area showing advance signs of steadier growth. Perhaps the best reflection of the times is that sub-Saharan Africa is headed for its best growth performance in over 30 years.
As past Outlooks have documented, an important reason for this good performance has been greater flows of goods, services, and capital across the world, a phenomenon known colloquially as globalization. The chapters in this Outlook all try to make sense of this phenomenon.
Chapter III, "How Has Globalization Affected Inflation?," finds that globalization has at times had an important impact on inflation over the past decade. IMF staff estimates...
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