PDF document available at:

There are increasing signs of a widespread deceleration in the global recovery. These are particularly alarming in the United States and Japan. The pace of economic activity in China has also been cooling notably, although it has been partly engineered by policy measures. Although Germany and a few other European economies have registered a better-than-anticipated growth rate in the past quarter, and the recovering momentum seems to have been maintained so far in other emerging economies such as India and Latin America, many forecasting institutions have recently downgraded their prospects for the world economy, marking up the risk of a “double-dip” recession. As global growth prospects are becoming grimmer, investors are fleeing to “safe haven” assets, bringing down yields of German, Japanese and United States government bonds.