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  "notes": "Includes a table inset for 2025 quarterly GDP growth projections.",
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      "text": "Source: J.P. Morgan Asset Management. (Left) Eurostat. (Top right) European Commission, IMF, NATO, OECD, J.P. Morgan Asset Management. Spending levels are adjusted for price changes. Pre-1990 NATO members include Belgium, Denmark, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain and the UK. (Bottom right) Sachverständigenrat, Ochsner and Zuber. Government consumption refers to the value of goods and services provided directly by the state, including public services and social security expenses. In this context, part of infrastructure and defense spending is redirected to cover shortfalls in government consumption. However, demographic changes mean these funds are insufficient, requiring additional debt to finance further consumption. Guide to the Markets – Latin America. Data are as of March 31, 2026.",
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