Why the US will break out first from the low-growth trap | Larry Elliott

Western economies must adopt industrial strategies, boost R&D and exploit new tech to prosper - Americans realise this better than Europeans

The US economy is growing more quickly than expected. The eurozone avoided a winter recession after all. In the UK, the Bank of England says the economy is showing surprising resilience.

Everywhere in the developed west the story seems to be the same. Countries are coping with the tough anti-inflationary measures imposed by central banks over the past 18 months or so. Inflation has peaked and there has been no sharp increase in unemployment. Recession fears are old news. The talk now is of soft landings across the board. Panic over.