European economic recovery is resilient, but the global context is now less supportive. Moreover, significant geo-political and economic events will be happening in 2016.
The economic slowdown registered in 2015 for emerging and developing economies will endure in 2016. China's economic slowdown has been driven by a rebalancing of the economy away from the export-intensive manufacturing sector and more toward domestic consumption and services productions. For most of the other developing economies, problems stem from the weak commodity prices and the increase of the USD denominated debt due to the USD appreciation. For the US, the main uncertainties come from the result of the presidential and congressional elections, the Fed response to the economic slowdown and the bankruptcy risk in the shale oil industry. In Europe itself, uncertainties come mainly from the UK "in/out" referendum and the immigration flow from the Middle East.
Source : BNP Paribas Real Estate