Investment letter .pdf


Aperçu du fichier PDF investment-letter.pdf - page 1/6

Page 1 2 3 4 5 6



Aperçu du document


Economic Outlook


Although Q4 reports have yet to be released, global GDP growth is likely to be
around 2.6% (nominal GDP weights), in line with the sub-par growth of the past
few years and well below early year estimates. This was principally due to the very
cold US weather in Q1 and the larger than anticipated negative effects on
Japanese GDP from the Q2 sales tax hike. Ironically, GDP growth in the euro area
and China are likely to be fairly close to year ago projections.



Hope springs eternal amongst forecasters and once again a stronger year is
predicted for global growth as shown in the following table:
Consensus GDP Forecasts (%)
14

15

16

US

2.4

3.0

2.8

EU

0.9

1.1

1.5

Japan

0.2

1.2

1.4

UK

2.6

2.7

2.4

China

7.4

7.0

6.8

India

5.3

6.2

6.9

EM Asia ex Ch. & Ind.

3.6

4.1

4.1

Brazil

0.2

0.5

1.8

Russia

0.5

-3.0

0.8

DM

1.7

2.3

2.3

EM

4.2

4.3

4.9

World

2.6

3.0

3.4

*Bloomberg and Morningstar OBSR



Despite concerns that the oil price decline could engender a damaging deflationary
psychology, and there being obvious casualties among commodity producing
nations, most observers agree with the IMF view that it is “a shot in the arm for the
global economy” potentially producing “a gain for world GDP between 0.3 and 0.7
percent in 2015”. Overall, global GDP is predicted to grow by 3.0% in 2015.



From a regional perspective, the US economy is expected to be by far the biggest
contributor to the global upswing and, should it grow by the generally foreseen 3%,
it will account for nearly half of the estimated increased in world output. The bulk
of the rest is likely to be provided by other developed markets (DM) with aggregate

Global Investment Strategy and Asset Allocation January 2015 - Summary
©2014 Morningstar. All Rights Reserved. Morningstar OBSR is the brand of the Analyst Ratings from Old Broad Street Research Limited and a trading name of
Morningstar Investment Management Europe. The Morningstar name and logo are registered marks of Morningstar, Inc. The information contained herein
include the proprietary information of Morningstar, may not be copied or redistributed, do not constitute investment advice offered by Morningstar, are provided
solely for informational purposes and therefore are not an offer to buy or sell a security, and are not warranted to be correct, complete, or accurate.

1


Ce fichier a été mis en ligne par un utilisateur du site. Identifiant unique du document: 00303176.
⚠️  Signaler un contenu illicite
Pour plus d'informations sur notre politique de lutte contre la diffusion illicite de contenus protégés par droit d'auteur, consultez notre page dédiée.