World economic data may reflect a rise in optimism that the worst may be over. But there are significant differences between Europe’s problems and those in the rest of the world and suggestions that 2014 may prove to be a turning point for growth are over-stated.

<i>There is encouraging economic news that the eurozone seems to be approaching a turning point, while growth figures in the United States continue to be positive. So will 2014 be the year of recovery or is this good news a reflection of public opinion which no longer fears the worst such as the collapse of the banking system, the disintegration of the euro, or an explosion of American public debt ? Ending negative grow...

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Professor Enrico Colombatto
In contrast, 2014 will be a turning point in China and Japan and more aggressive and daring investors might turn an eye in their direction
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