Global economic growth weakest since late-2012

Global economic growth was running at its weakest for over three years in Q1, according to the JPMorgan Global PMI™, compiled by Markit. Despite rising slightly in March, the PMI is broadly consistent with global GDP growing at an annual rate of just over 1% (at market prices) compared with a long-run average of 2.3%. Subdued developed world growth was, however, accompanied by tentative signs of renewed life in emerging markets. The weak global PMI data were promptly followed by a downward revision to the IMF's global outlook.