As central banks cut interest rates, the risk of a currency war has increased.

The US stands alone as a source of strength among major economies heading into 2015.

Growth weakness in most major economies is ensuring that global monetary policy will be accommodative for quite some time

Weakness in Europe and Japan is increasing the likelihood that monetary policy will be eased further in both areas in the coming months.

The US economy will bounce back during the second quarter due to strong employment gains and confident businesses.

Concerns about the potential contagion effects of a weak real estate market in China are coming to the forefront.

Stronger-than-expected job gains have made it more likely than not that the Fed will start tapering QE3 at its next meeting.

After surprising markets by deferring the decision to taper its QE3 program, weak economic data could mean that the Fed won't start the process until early 2014.

It looks increasingly likely that the Eurozone's recent return to growth will be sustained going forward.

While global growth in 2013 is set to be broadly similar to growth in 2012, growth should accelerate in 2014.

Japanese growth prospects have improved dramatically during recent months on the back of regime changes in the government and at the BOJ.

Despite Chinese growth continuing to slow down on a trend basis, other Asian economies should grow strongly during 2013.