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US, China on changed GDP growth trajectories

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US GDP has outperformed pre-pandemic expectations, while China and other Asian giants have fallen short

Lower near-term EM risks raise long-run opportunities

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The near-term risk of defaults in emerging market (EM) sovereign debt markets is easing

Non-bank finance faultlines may fuel explosive crises

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Non-bank financial entities hold half of financial assets, are highly leveraged, and are far less regulated than banks

Turning AI lead into gains will test policymakers

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All major countries are racing to deploy artificial intelligence, but their national strengths vary markedly