Can Europe power the recovery as US and China stumble?


The European economy rebounded more strongly than expected after lockdown restrictions were eased earlier this year. And it has avoided some of the big risks now clouding the outlook for the United States and China.

S&P Global Ratings upgraded its 2021 European growth forecast last week to 5.1% from 4.4%, citing rapid improvements in economic output, the labor market and high levels of corporate investment. 

The Organization for Economic Cooperation and Development has a similar view. It said last week that it expects the eurozone economy to expand 5.3% this year, an upgrade of 1 percentage…

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