Société de recherche indépendante en macro-économie et stratégie d’investissement

We attempt here to recap and simplify our take of the situation, which is somewhat complex. Global GDP growth stood at 4% at an annual rate in Q1 2023 and eased back to just under 3% at the beginning of Q3. The first question that should guide any evaluation of future trends is why the global economy has so far managed to avoid falling into a clear recession despite the multitude of shocks experienced in the past couple of years...