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  "documentTitle": "23rd Global CEO Survey",
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      "text": "The uncertainty that looms over decision making on virtually every front can dampen animal spirits.",
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      "text": "GDP growth: 3%",
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      "text": "But the principal factor accounting for expectations of declining GDP growth may well be what John Maynard Keynes described as ‘animal spirits’ — the human instincts, proclivities and emotion that can drive financial decision making in uncertain environments. The uncertainty that looms over decision making on virtually every front can dampen animal spirits. And if there was one theme that rang out loudly in this year’s survey responses — and in business headlines — it was a heightened sense of uncertainty.",
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      "text": "Demographics also weigh on labour markets around the world as the ranks of those retiring substantially outnumber those entering the workforce.",
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      "text": "To be clear, economic indicators in many markets remain positive. Unemployment in the OECD countries was at a record low 5.1% in 2019, measures of global consumer confidence are elevated and financial markets have been buoyant. But growth has slowed around the world and, as the World Economic Forum reports, the outsized productivity gains promised by the Fourth Industrial Revolution, the collection of technologies that are reshaping the way people live and work, have yet to materialise.",
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      "text": "In its October 2019 forecast, the International Monetary Fund noted, “The global economy is in a synchronised slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis.”",
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      "text": "The global economy is in a synchronised slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis. — International Monetary Fund",
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      "text": "Although the reversal is dramatic, CEOs' outlook is consistent with most economic forecasts as the global economy heads into its 11th year of expansion.",
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