Global Macro Views

The Standish forecast for world GDP was downgraded slightly 2.8% in 2016 but more so next year to 3.1%. The downgrade was driven primarily by the surprise referendum vote by the United Kingdom’s public to leave the European Union, and its ensuing impact on the developed market forecasts.

Specifically, we downgraded our forecast for growth across Western and Eastern Europe. However, given the easing of monetary policy priced into all global Treasury markets, we expect the global impact to have been muted on easing financial conditions.

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