We continue to expect solid global GDP growth over the next two years, with our forecast of 3.5% growth in 2017 unchanged since our last report. This is a meaningful improvement over 2016, and if achieved will be the highest global growth outcome since 2011.  
 
Among the key developed economies recent data suggests positive growth momentum in the United States, Japan and the Eurozone. The United Kingdom remains a laggard as Brexit uncertainty exerts its influence on activity. In the emerging economies the commodity price recovery has been helpful in seeing both Russia and Brazil emerge from deep, protracted recessions. But risks are ever-present.
 
Read more on our outlook for the New Zealand and global economies, and across asset classes, in the November edition of Quarterly Strategic Outlook.