Marc-Antoine COLLARD, Chief Economist, Director of Economic Research
The year 2018 ended in stark contrast to the almost euphoric optimism observed earlier in the year. The economic outlook has darkened in recent months and the worries about the weakening of global trade and sharp political tensions prompted financial markets to react abruptly. In addition, high levels of indebtedness in both the private and public sectors continues to increase the exposure of some economies to rising global interest rates, changes in investor sentiment, and currency fluctuations. In short, this is the first time since 2016 that the beginning of the year is marked by so many fears about the global economy.
