This paper is an update of our Global Strategic Outlook from April 2013. We noted earlier in the year that 2013 was likely to be the beginning of the post credit crisis era and indeed, conditions seem to be unfolding as expected around the world. Europe appears to be stabilizing with the region reporting its first quarter of positive growth after witnessing six quarters of contraction. In the United States, economic focus has shifted from timing and pace of QE tapering to the effects of the government shutdown. While, the temporary closure of non-essential government services will reduce GDP growth in the fourth quarter, the housing market and private sector employment remain positives for the economy. In Asia Pacific, the region is feeling the effects of the regime change and slowdown in China, which is affecting some countries in the region. Conversely, Japan has brought some upside to both the Asia Pacific and the global economy.
Source : Deutsche Asset & Wealth Management