A MONTHLY survey conducted by the leading US bank, the Bank of America, shows a very significant drop in expectations on global growth among large fund managers. The survey is always interesting to read and this time around it is for a couple of reasons.
This month, 242 large fund managers responded to the survey where global growth expectations dropped from minus 6 percent to minus 27 percent. It is the biggest month-on-month drop in two-and-a-half years. However, the majority of fund managers are at the same time pretty optimistic about the future. This is why the survey got extra attention: the findings should not work together.
The fund managers' more sensible reaction to political developments corresponds well with another result from the survey. The highest-rated risk is now 'geopolitical conflicts,' replacing 'inflation' as the most feared. Does this mean that the world has become more unsecure? The concern has gone up since last month, but the main reason behind the shift is a clear drop in concern about inflation.
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