by Thierry Malleret | Mar 1, 2015 | Uncategorized
Although there are multiple takes on the global economic outlook, there is a single determining factor upon which that outlook hinges: the world suffers from over-indebtedness and needs to cure its addiction to credit. According to a recent McKinsey report, global...
by Thierry Malleret | Jan 30, 2015 | Uncategorized
Yet again and despite the fillip of collapsing oil prices, projections for global growth have been revised downwards – to 3.5% this year and 3.7% in 2016, down from respectively 3.8% and 4% last October (IMF). The largest growth downgrades concern Russia...
by Thierry Malleret | Jan 2, 2015 | Uncategorized
The combat against lowflation, or possibly deflation, will be by far the greatest economic challenge of 2015. The world economy is now deflation-prone, and in almost all developed economies, inflation is below target. If inflation expectations were to ease...
by Thierry Malleret | Dec 1, 2014 | Uncategorized
The global economy seems to be afflicted by a sort of languor. The bottom line is this: extraordinarily aggressive monetary policies have failed to deliver robust and sustainable economic growth. Japan and the Eurozone are stuck in the mire, and although in the...
by Thierry Malleret | Nov 3, 2014 | Uncategorized
The IMF meeting earlier this month was in somber mood. In the words of its managing director, Christine Lagarde, the global economic recovery is “brittle, uneven and beset by risks”. This suggests that the idea that global growth will be structurally low and...