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Alternative Market Briefing

Dexia economists see gentle worldwide growth, opportunities in European stocks next year

Thursday, December 19, 2013

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Anton Brender
Benedicte Gravrand, Opalesque Geneva:

Anton Brender, Head of the Economics Studies Department of Dexia Asset Management , a European asset managers with €75bn in AuM, and Associate Professor at the Université Paris Dauphine, together with Florence Pisani, an economist at Dexia who also lectures at the university, gave their global macro outlook for 2014 to Sona Blessing on Opalesque radio.

Anton Brender sees the world economy re-accelerating slightly in the coming years, especially in 2014. But the continuing problems in both developed and developing economies will keep growth levels below what they were before 2007. He sees the U.S. growing at around 2.6/2.7%, next year, and Europe at around 1%+.

With the momentum it has managed to build up and with less fiscal tightening, the U.S. will slowly "move out of the whole it fell in a few years ago," he adds. The Fed knows that the recovery is ongoing and that credit conditions are still very tight. So it will keep the borrowing rates low for a while longer, until recovery reaches a normal level.

Indeed, this week, in addition to the cuts to bond buying programs, the Fed also indicated that it would keep its forward guidance on interest rates remaining low over the n......................

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