The world economy appears to be finally leaving behind the legacyof the Covid-19 pandemic and the commodity price shock of the war in Ukraine. Theworst fears did not materialise. On balance, globally, inflation is continuing to declinetowards targets, economic activity and the financial system have proved remarkablyresilient, and both professional forecasters and financial market participants see asmooth landing ahead. This was by no means a given a year ago. It is a great outcome.Still
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