Global Macro Views

In the Standish outlook, the global economy extends the pattern of the past few years in which real GDP grows at a sluggish pace with subdued volatility. The slow rate of expansion is all about the tepid progress of potential output. The aging population of most advanced economies is increasing only slowly, and productivity growth has slowed almost uniformly around the globe. We expect relatively steady expansion this year around the shallow uptrend of aggregate supply because four critical events dotting the political calendar should elicit behaviors from officials stabilizing aggregate demand.

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