HSBC is out with big, macro report on the global economy.
The front page image is very pretty and basically describes it all.
You know exactly what it’s going to say.
There are all kinds of positive signs these days (accelerating jobs gains, the improved picture in Europe (though that may already be out of debate), etc.), but the fundamental problems remain. Too much debt in the developed economies, and too few obvious paths for growth.
They make some interesting observations here:
— Growth in the second half of the 20th Century was much more impressive than in the first half.
— The 1950s and 1960s were a “golden age” for global growth.
— Japan outperformed continuously until the end of the 1980s. Thereafter it has consistently underperformed in overall terms.
— The Western industrialised nations hit a brick wall at the beginning of the new Millennium.
— The per capita performance of Western nations in the first decade of the 21st Century has been worse than Japan’s during its “lost decades”.
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