Comfortable with a downturn

A MONTHLY survey conducted by the leading US bank, the Bank of America, shows a very significant drop in expectations on global growth among large fund managers. The survey is always interesting to read and this time around it is for a couple of reasons.

This month, 242 large fund managers responded to the survey where global growth expectations dropped from minus 6 percent to minus 27 percent. It is the biggest month-on-month drop in two-and-a-half years. However, the majority of fund managers are at the same time pretty optimistic about the future. This is why the survey got extra attention: the findings should not work together.