Duncan Gwyther: Some companies are more equal than others

Economic growth forecasts of 3.4% for 2011 remain around the long-term average.

hose for developed economies have been trimmed marginally in recent weeks but the sharp uptick in Japanese industrial production suggests there could be a fairly strong rebound over the next six months. The pattern remains uneven, with emerging economies (6.3% GDP) being the dominant contributor although, in the short term, policy stimulus has resulted in an upside risk to inflation and excess demand for commodities. Meanwhile, the industrialised world remains mired in a multi-year deleveraging process. 1.9% GDP this year will be modest by historic standards and dependent on governme...