Just over ten years since the start of the financial crisis, the global economy is well and truly in recovery mode. In the aftermath, investors were blindsided as global equities fell by 38% and UK equities by 46%. Aggressive policy stimulus by governments and central banks were pivotal in reducing the length and depth of the recession.

An anniversary worth celebrating?

Well, global equity markets hit all-time highs in the summer with over $10 trillion added to their value in the first half of the year, clearly demonstrating a healthy investor appetite. With the global economy faring better, the changing stance of central banks is evident as the need for emergency policy stimulus is receding, even if the situations in the US, UK and the euro area are quite different. The global growth story is supported by positive economic data from many regions. The Organisation for Economic Co-operation and Development (OECD) projects global GDP growth to increase to around 3.5% this year and 3.7% in 2018, a small increase on earlier predictions.

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