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  "documentTitle": "eyp global economic outlook jan 2024",
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      "text": "Latin America would experience the greatest decline in long-run potential GDP, a 4.8% level drag on GDP.",
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      "text": "Percentage change in global sectoral real output in selected industries (vs. baseline scenario)",
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      "text": "Percentage change in real GDP (vs. baseline scenario)",
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      "kind": "disclaimer",
      "text": "1. EY analysis assumes absence of policy response to counter high energy prices and mitigate macroeconomic outcomes. Source: EY analysis (UPGRADE CGE model); Global Trade Analysis Project; Oxford Economics",
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      "text": "Using our EY UPGRADE CGE model, we calculated the economic impact of a scenario where energy prices in different regions remain at 2023Q4 level for a longer period vs. a baseline scenario.\nOut of all regions, Latin America would experience the greatest decline in long-run potential GDP, a 4.8% level drag. The EU economy would also be highly affected, with a 4.2% reduction.\nAcross global industries, highly energy-intensive industries such as transport and chemicals would be the most affected.",
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      "text": "Percentage change in real GDP: -4.81%",
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