Economies fared well in the first quarter of the year and performed better than expected. China benefited from COVID-19 restrictions being lifted and bounced back strongly, to record growth of 4.5% YoY. Initial data showed the eurozone returned to modest expansion, of 0.1% QoQ, having stagnated in 4Q22, while the US slowed to growth of 1.1% QoQ at an annualized pace.
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