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On the face of it, a combination of record low interest rates, ample liquidity and faster economic growth should sustain the world's recovery from financial crisis this year.Confident that the outlook for the world's biggest economy is brightening, the U.S. Federal Reserve has paved the way for an end to its stimulus program and, after a bout of market turmoil last year, investors seem prepared for the shift. Broadly, the risks they face are slower-than-expected U.S. growth, eurozone deflation, an absence of structural reforms in Japan and bad loans in China.The balance of risks for this year may be tilted towards the United States and the eurozone, even if the policy challenges facing Japan and China appear greater.The risk is that weaker-than-expected growth could knock markets and unsettle the global recovery.In Italy, the bloc's third largest economy, the rate is just 0.7 percent, and if Rome gets serious about tackling its towering debts – at 130 percent of GDP – inflation and growth could evaporate and make paying down that debt even harder.The Chinese economy grew 7.7 percent in 2013 but slowed in the final three months.
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