Global Market Perspective Q1 2019

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Asset allocation views: Multi-Asset Group 

We expect the global economy to register growth of 3.3% for 2018. However, we have reduced our 2019 outlook to 2.9%, marking the third consecutive quarterly downgrade. Our global inflation forecast has increased to 2.9% for 2019 in spite of cheaper oil prices and slowing growth. This reflects our stagflationary position on the world economy as trade tensions look set to continue this year