EFTA Document EFTA01458951

8 December 2015 World Outlook 2016: Managing with less liquidity But the changing market expectations for ECB and BoJ policy have the potential to induce another bout of market turbulence akin to the taper tantrum of mid-2013, though likely with more limited implications for the global economy and financial markets. While our baseline scenario sees a global economy that continues to grow at a moderate pace over the next two years, there are substantial risks on either side. On the down s