Since mid-2016, the global economic outlook has probably never been as uncertain as it is currently.
Incoming data since the start of the year has disappointed (the biggest disappointment coming from the eurozone), while a potential escalation of trade tensions between China and the US challenges every economist’s forecasting ability.
Last but not least, a stronger dollar — the result of higher short-term interest rates — has put a lot of pressure on emerging economies, especially those with a high current-account deficit and a large portion of debt in foreign currencies.
