Why 2018 has 'fallen short' of growth expectations

During 2017, investors enjoyed several positive surprises.

Economic growth was stronger than consensus forecast at the start of the year, inflation was notably lower than expected in most major economies (with notable exceptions such as the UK), and corporate profitability recovered from the weakness seen the previous year. All this meant investors' expectations at the start of 2018 were growth would accelerate further over the course of this year.  The reality, however, has fallen short. Rather than a pick-up in growth rates in 2018, the momentum of economic growth has slowed across the major developed economies. The notable exception is ...