A word from the Director of Management
2018 Summary and 2019 Outlook
Years go by and do not look alike. After 2017 marked by calm and optimism, 2018 was, however, marked by the return of volatility and a sharp rise in risk aversion. In the wake of the previous year, 2018 had begun with a surge of optimism. In both emerging and developed countries, economic growth has accelerated significantly since the second half of 2017. Until then, this buoyant environment had had the "natural" consequence of a sharp drop in unemployment, a high level of confidence among economic agents, a restarting of investments but also and less expected a very low levels of inflation which allowed a broad kindness of the main central banks. The introduction at the beginning of the year of a major tax reform in the United States added to this euphoria created by this cocktail of strong growth and abundant liquidity.