Economic and Industry Outlook 2020

2020 is expected to be the year in which global economic growth stabilizes at low levels, similar to 2019, taking steps towards convergence, with rates similar to those recorded in the last five-year period, close to global potential. Differential contributions will come from emerging countries, thanks to more benign financial conditions and improved exchange terms primarily for agricultural raw materials. Developed markets will avoid greater deceleration thanks to the reactivation of very lax monetary policies, although their convenience at this point in the cycle is open for debate. Growth will be tenuous and above all fragile, given the known and unknown risks looming over the global panorama, specifically those coming from financial imbalances and the recent developments in global geopolitics.