Economic and Industry Outlook 2019: Second Quarter Perspectives

Economic growth consolidates the change of cycle, foreseeing rates of growth closer to the global potential that are ultimately, in line with the theory of secular stagnation, more meager than in the previous decade. Lower growth in the short-term seems to be rooted in the effects of the deceleration in Europe, the lower impetus of activity in China, and the direct and indirect effects of the rising import tariffs led by the United States. This outlook has led to a new twist in global monetary and fiscal policy with the aim of trying to maintain economic activity levels.