Shipping containers are seen at the Port Newark Container Terminal in Newark, New Jersey, U.S. on July 2, 2009. REUTERS/Mike Segar
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So strong is the belief in the growth momentum of the global economy as it enters the second half of 2017 that the point has been reached in the economic cycle where data not meeting expectations is dismissed as an aberration.Such economic Panglossianism – all for the best in the best of all worlds – is based on what seems to be a majority view among policymakers and economists that the world is enjoying a broad expansion.The Citi Economic Surprise Index, which moves in tandem with data beating or underclubbing expectations, has plunged for the main industrial nations this year and is at negative levels not seen since 2011 .Real U.S. gross domestic product has been increasing, but the pace has been slower in each of the past two quarters up to the fairly slow annualised 1.4 percent in January-March.In Japan, the government has raised its overall view of the economy because of growth in private consumption.
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