SINGAPORE (Feb 18): Despite the growing pessimism, we think that many of us could be underestimating the chances of a turnaround in the global economy. This is not to question the evidence that the global economy is slowing, which is real, as we discuss below. Nor is it meant to dismiss the downside risks that have emerged. Our view is that the risks can be contained and there are several countervailing forces coming into play that should help crystallise a recovery in global economic activity in the second half of this year.

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