'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.