Asset allocation views: Multi-Asset Group

We have altered our projection for the global economy this quarter by capturing a more gentle slowdown in growth over the next two years. We have revised down our 2019 forecast to 2.8% but increased our projection for 2020 to 2.7% (previously 2.9% and 2.5% respectively). The downgrade for 2019 is driven by cuts to the eurozone, UK and Japan, while our outlook for China rose marginally. However, for 2020, the upward revision is consistent across all regions.