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The world’s largest industrialized and developing economies are struggling to prevent another global downturn after experiencing nearly a decade of slow growth.

From Turkey to Brazil, governments across the globe have failed to follow through on promised economic overhauls needed to spur growth and improve investor confidence. Many are now trying to escape recession while fighting a host of economic headwinds, including deceleration in China, that could push the global economy deeper into a slow-growth rut.

“Growth is too low, productivity is too low, trade numbers are too low, investment is too low, infrastructure projects are too few, and the only thing...

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