 Figure 1. New lending has been massive
| |  Figure 2. Market based investment lags government influenced investment | |  Figure 3. Completion of residential property is up sharply, but starts not |
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 Figure 4. Consumption has held up well | |  Figure 5. Export weakness has continued, but imports rebounded from the trough | |  Figure 6. Overall growth remains respectable |
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 Figure 7. Falling raw material prices drag down headline prices | |  Figure 8. Pressure on profits remains | |  Figure 9. Wage growth is falling |
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 Figure 10. Inflation has declined sharply, globally | |  Figure 11. Experts do not foresee deflation | |  Figure 12. A large expansion of central banks’ balance sheets |
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 Figure 13. A much more moderate expansion of broad money | |  Figure 14. Bank lending is slowing rapidly in the US and the Euro zone | |  Box 1 Figure. Potential output growth is likely to decline (growth, in percent) |
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