Global Investment Outlook

Steven Bell is the Global Chief Economist for Deutsche Asset Management (DeAM), part of the Deutsche Bank Group. Based in London, he is a member of the Investment Policy Committee and is responsible for formulating the economic strategy which underpins the investment process of DeAM. Steven Bell was in the Channel Islands recently to address financial intermediaries and guests of Deutsche Bank Offshore on the global economy as he sees it developing:

Economic forecasters are worried. The US economy is close to recession and clear signs of economic slowdown are evident in almost every country. Hopes that the slow recovery in Japan, the world’s second largest economy, would continue unabated have been dashed by recent data that has shown a sharp deterioration, notably in the industrial sector. Euroland should be in much better shape: it faces neither the structural problems of Japan nor the collapse in the technology boom and over-stretched balance sheets of US consumers and businesses. Yet even here, growth has been disappointing. Some slowdown in the traded goods sector was to be expected given the dramatic decline in domestic demand in the United States but consumer spending growth has also slowed in Euroland, disappointing those who had expected it to accelerate in response to tax cuts and rising employment.

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