What we find when we break up the various factors to examine them individually is that growth matters for stocks, but that its main effect is not in the total valuation of stocks, but in their valuation relative to bonds.

FORBES: The Stock Markets Are Forecasting Economic Stagnation, Not Recovery

It says that the main effect on its forecast is to increase the range of possible outcomes.

ECONOMIST: The Bank of England yanks down its growth forecast

One of its main themes will be that the effect of globalisation has been overrated.

ECONOMIST: The future of the state

One of the main worries about offshoring is its effect on employment.

ECONOMIST: New evidence shows that the gains outweigh the losses

But Western leaders know that their measures may have little effect unless they can persuade Myanmar's Asian neighbours, who are its main trading partners and arms suppliers, to join them.

ECONOMIST: Why ASEAN should be worried about Myanmar