The balance of 2019 cannot be described as positive. Before the start of the year, we thought that the global economy could grow above 3.5%. As we approach its end, it seems that we will end up below 3.0%. In the last 20 years, the only years with lower growth were 2009, the year of the Great Recession, and 2001, marked by the terrorist attacks in the US. The average growth rate in the last decade, which includes 2009, is 3.4%, half a point more than in 2019. The trade war between the US and China, Brexit, the problems in the automotive sector in Europe and the impact on emerging economies of the interest rate hikes implemented by the Fed in 2018 have weighed down growth more than expected.

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