The global economic outlook deteriorated in 2019, following the downturn already seen in 2018. Between January and October, BBVA Research reduced its global growth forecast for 2019 and 2020 by 0.3 percentage points (pp) to 3.2% and 3.1%, respectively — half a point less than the average from 2011 to 2018.
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On my return to the office this week, I read several columns about the challenges for 2019 and I agree that we are starting a year that can be defined as both challenging and uncertain in economic terms. At both the international and local levels, there is a lot of uncertainty, and the themes that are clear to us are posing…