'Economic slowdown' and 'recession' have been grabbing the headlines recently. But the recent slowdown must be put into context. O n a dollar basis, global output will still grow by US$1.3 trillion this year - more than in 2012 and 2013. Although Japan and Italy are in recession, other economies such as the UK, the US and Canada are performing better than expected. Hence o ur global GDP growth forecast remains unchanged at 2.4% this year.