​The global economy still has room to grow. Euler Hermes expects one to two years of additional growth globally: 

  • Higher US GDP growth on the back of very accommodative fiscal policy;
  • Europe to enjoy above-potential growth while political vulnerabilities are high; and
  • Acceleration in EM to continue.
  • Market volatility to increase as liquidity conditions tighten softly, rates increase progressively.


Euler Hermes expects continued trade growth, in a scenario of mild protectionism.