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Africa and Global Economic Trends Quarterly Review - Fourth Quarter 2012
Global growth decelerated in the second quarter of 2012 to its slowest rate since the end of 2009. In the U.S., GDP growth slowed to 0.4% in the second quarter while in Japan, the revised figure shows growth for the second quarter at a sluggish 0.2%. The downturn has been led by the continuing sovereign debt crisis in the eurozone, fiscal tightening in many countries, and the entrenching of austerity measures both in Europe and the U.S.