AS the world recovered in 2010 from the throes of the 2008/09 recession, it turned lacklustre in 2011, dragged down by the downturn as the debt crisis in peripheral Europe engulfed its neighbours, in the face of flattish growth in the United States and a mild contraction in Japan.
All these pulled down demand for exports and with it slower growth in the emerging and developing (E&D) world. A horrible and a hugely disappointing year.
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