Economic Outlook: The Price of Growth

Never since the great recession had we seen a global growth so low (forecast to only +2.4% in 2016) or a rise in insolvencies (forecast to +1% this year and in 2017). Countries like Brazil and China, despite their important debts, are having a hard time deleveraging. On top of that, risk is still threatening the commodities-related sectors and countries, and the subdued prices and yields are benefiting some at the expense of others.

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