The global economy has evolved broadly as we expected over the last few months. Growth has slowed in many countries, but the worst appears to be over. Falling global trade and manufacturing output had raised fears that a global recession might have been imminent, and we outlined what this might look like in our risk scenario three months ago, while pointing out that the chances of this materialising were low. Indeed, an outcome much closer to our central view appears...

Introducing Fathom’s 2019 Q4 forecast: through the looking glass and back to reality