Annual Review 2013 and Outlook 2014
The global economic recovery gathered pace in 2013 as central banks across the world kept the “money tap” open and interest rates at historically low levels. By the end of the year we finally saw signs that unconventional monetary policy was working and, seven years after the onset of the global economic and financial crisis, the global economy looks geared to deliver trend growth of 3.5% to 4% in 2014.
At the start of 2013, we came into a new year with the overhang of economic worry surrounding Europe, along with concerns about the US government going over the so called ‘fiscal cliff’. Failure to reach an agreement could have led to the technical default of the US government on its debts, ensuring a major crisis in international financial markets.