ACCORDING to Jeff Spross, who writes for The Week, the world is tangling with a bit of paradox: Financial markets have begun 2016 in a state of utter panic, and have fallen much more than the overall state of the world economy suggests they should.

Spross’ argument is that, in spite of some alarming indicators, the world economy is on the whole in good shape; the IMF estimated growth in 2015 at 3.1 percent, and at least for now is projecting 2016 growth to be about 3.4 percent, which are modest numbers , to be sure, but are nonetheless positive.

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