2015 was a year of setbacks for the global economy. The commodities price crash, concerns of a more serious slowdown in China, and the impending rate liftoff by the Federal Reserve have all threatened a breakout to the downside.
In 2016, as we continue to deal with the effects of the dark side of quantitative easing, markets may still be interrupted by periods of economic and financial stress. And while we expect global conditions overall to modestly improve in 2016, with increased expectations for GDP growth, we do not see a sustained growth acceleration.
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