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The global economy is faltering but China and North America have managed to escape the air of gloom, reports David Blackman
The slowing state of the global economy was clearly weighing on the minds of the world’s leading architects as they completed this year’s WA100 survey.
The proportion of practices that believe the global construction sector will grow during the next 12 months was markedly down on last year, when nearly three-quarters (72%) were predicting growth. This year’s 55% is the lowest figure recorded over the past five years.
A third of respondents (33%) say that the market will be stagnant, reflecting the recent statement by International Monetary Fund managing director Kristalina Georgieva that the world is undergoing a “synchronised slowdown”. The good news for global practices though is that the picture is sunnier in the world’s leading markets: the Pacific Rim and North America.
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