If there’s been a prominent, consistent theme in the years since the global financial crisis, it’s been underwhelming levels of global economic growth.
This is no better demonstrated by the chart below from Macquarie Research.
It shows the International Monetary Fund’s (IMF) forecasts for global GDP from 2011 through to 2016, comparing the results against what has happened in reality.
It’s somewhat depressing, although after so many years of undershooting forecasts, tepid global economic activity has become almost a given rather than an exception.
While the IMF could be accused of being overoptimistic, they are not the only group to consistently present the view that things will get better in the future.
It’s easy to see why the term “lower for longer” has come to prominence.
With uncertainty over the UK Brexit vote unlikely to dissipate anytime soon, and the potential ramifications it will have for not only the European Union but global economy, it’s clear that risks to forecasts offered by the IMF and other parties remain firmly to the downside.
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