Global growth remains weak and will slow over next two years. Last year marked the
peak of the cycle, and our current forecasts for US and euro area growth of 1.6% and
0.9% in 2020, respectively, are below consensus. The largest down revision is to our
forecasts for the euro area: the region is at risk of entering a period of low growth,
low inflation and low interest rates, so-called “Japanification”.