|The global economy today looks much healthier when compared with 12 months ago. Then, fears over the 'fiscal cliff' in the United States, the recession in Europe and the rebalancing of China's economy were dampening growth prospects across the world, and globally, business confidence was at its lowest since the financial crisis. Furthermore, growth in developing economies as a whole slowed in 2013, but they still are expected to expand faster than more developed economies in 2014. Still, this improved outlook for the global economy is complicated not only by the fragility of the Eurozone, but also by the reduction of the US Federal Reserve's massive quantitative easing program. Talk of tapering sent many emerging markets into a negative spiral in the middle of 2013. Without a doubt, the global economy is rebalancing and this development will define 2014.