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  "documentTitle": "ey global economic outlook transforming uncertainty into opportunity january 23 edition",
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      "text": "Industrial policy will drive some reshoring in developed economies.",
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      "text": "Although we expect to see some important changes in direct investment flows in the coming years, those for portfolio investment will be less marked. US markets will continue to absorb the bulk of global inward portfolio flows, reflecting the enduring attractiveness of the assets and yields available. This will help to cement the continued primacy of the US dollar in the global financial system, despite renewed interest among emerging markets (such as within the BRICS grouping) in exploring alternatives to the US currency. Gradual monetary policy normalisation in Japan will draw some Japanese capital back into the domestic market from Europe and the US, but we are not expecting this to be overly disruptive for global markets.",
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      "text": "Assertive industrial policy in developed economies, even if not economically efficient, will still drive the growth of manufacturing capacity in key areas. US incentive policies are encouraging domestic investment but are also pushing global firms (such as Japanese and South Korean technology and automotive firms) to enhance their presence in the country in order to avoid missing out on subsidies and commercial opportunities. In developed Europe, assisted by EU industrial initiatives, FDI inflows are forecast to rebound over the next five years, after being upset by the pandemic. Reshoring will be less marked in developed economies with less market power, such as those in North-east Asia.",
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      "text": "GLOBAL ECONOMIC OUTLOOK",
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