EFTA Document EFTA01458962

8 December 2015 World Outlook 2016: Managing with less liquidity The investment spending recovery is losing momentum and turning volatile. Financing conditions should remain supportive - most visible to date in construction spending - but sluggish export demand and geopolitical risks will likely weigh. The euro area labour market has improved more rapidly than the historic Okun coefficient would have implied. This is consistent with weaker post-crisis productivity. Limited prospective ret