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Three economies have, however, genuinely disappointed: Brazil, Russia and the eurozone.In fact, the prospect of a growth pickup in the eurozone might be only partly insane. Cyclically, the eurozone is currently doing well both by its own standards and relative to others. In the first quarter of this year, the eurozone grew more strongly than the U.S. or the U.K., and most of the eurozone's larger countries have been showing stronger relative growth for some time.The prospects for the two key drivers of long-term growth – the size and growth of the working-age population and productivity – look grim for the eurozone's largest countries, even Germany, the one economy that most acknowledge is, from a cyclical perspective, doing just fine.Most eurozone members' fiscal positions have undergone considerable, though often unnoticed, improvement in recent years – so much so that the eurozone-wide fiscal deficit is now less than 3 percent of GDP, much better than the U.S. or the U.K. Moreover, soaring tax receipts in some parts of the eurozone – notably Germany – are feeding almost embarrassingly large fiscal surpluses.
of fiscal policy
as feasible option
Unpredictable Trump’s one-way economy
Does the Group of 20 still
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