Yesterday we published our annual Global Macro View. For that reason there will be no Macro Weekly this week.
Sensational! That best describes how business confidence indices have developed in 2017 and in particular in recent months. While they have not been equally strong everywhere, they show that all the main regions of the world economy are growing nicely. More striking, the most recent of such indicators suggest that momentum, which was already strong, is increasing further. This is particularly true for the eurozone. As inflation has actually remained very subdued in 2017, this has been a year in which Goldilocks has come back to life. Can she stick around in 2018? In the first part of this commentary we discuss the main trends we envisage for 2018, focussing on the outlook for growth and inflation in the main economies. In the second part we summarise, qualitatively, our views on specific economies.
Read more — Global Macro View