Back to the new normal

Activity figures for the real economy have been weaker than expected across the board, suggesting that this year’s and next year’s global economic growth will settle at a lower level than the longterm trend growth rate (3.5%). In other words, the growth expectations for the global economy have fallen, while the investment markets’ return level shave risen clearly higher than the long term. The situation could be described as a return to the “new normal”.

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