Outlook 2019: Managing a “no recession, yet tricky” scenario

In our central scenario, we expect above-trend global growth with a low likelihood that any of the major developed market economies will enter recession. But it will still be far from plain sailing. We expect long-standing relationships between the main asset classes to come under pressure as markets become significantly more dynamic and volatile. As such, we have dubbed 2019 a “No Recession, Yet Tricky” (NRYT) year.