Summary: There are concerns in the market that the global economy should fall into recession over the next two years but this is a low probability. Global growth is not materially different from trend and is expected to accelerate next year. Emerging market concerns are now at the fore, although this centres on Russia and Brazil, not China.
Key take-out: Growth isn’t weak and nor is it weakening. Growth is on a sustainable and normal growth profile.
Key beneficiaries: General investors. Category: Economy.