The second half of 2013 witnessed improvements in the economies of the developed countries, spearheaded by the U.S. economy. Through fiscal and monetary expansion Japan managed to generate economic growth after nearly two decades of stagnation. The major economies of Europe also showed signs of recovery. Main emerging economies, led by China, underwent a slowdown in economic growth. Commodity-exporting developing countries faced lower commodity prices, as global demand for commodities slumped but also because of changed perceptions, such as for gold as a safe haven.
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Click here for the Second Semi-Annual Report 2013