The Global Economy's Impending Wile E. Coyote Moment

With the synchronized global growth upturn in the rearview mirror, the downturn is no longer a forecast, but is now a fact.

 The chart below shows that quarter-over-quarter annualized gross domestic product growth rates in the three largest advanced economies -- the U.S., the euro zone, and Japan -- have turned down. In all three, GDP growth peaked in the second or third quarter of 2017, and fell in the fourth quarter. This is what the start of a synchronized global growth downswing looks like.

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