Despite a difficult and volatile first half of 2015, growth remains broadly on track.

However the recovery is very topsyturvy with previous underperformers, Europe and Japan, surprising to the upside and offsetting the slightly weaker performances of the US and China.

Advanced Economies will see their best year since 2010 at +2.0% and Emerging Markets are likely to see their weakest since 2009 at +3.8%.

Disruption from the first Fed rate hike in over nine years and the shift in China's growth policy from quantity to quality remain crucial to the performance of H2-2015.

Allocation of resources remains focused on the financial markets rather than the real economy and this is only changing gradually.

Reflation will allow economies to lower their debt to GDP ratios as nominal growth will start to fire with two thrusters.