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The London 2012 Olympic and Paralympic Games were widely regarded as a huge success. Spectators, officials and competitors alike praised not just the efficiency of organisation, but the spirit in which the games were held.

The global economy is going through a very difficult phase. Growth in key emerging markets such as China, Brazil and India is slowing. In the United States, the economy seems to be treading water as everyone waits for the presidential elections in November, despite the looming ‘fiscal cliff’.