Joachim Fels, global economic advisor, offers a closer look at the factors driving PIMCO’s forecast for global GDP growth (2.5{96ddfe1ef385335ceff100e1336af509b2f9add6e53d7bce1dd31667fe2af45e}–3.0{96ddfe1ef385335ceff100e1336af509b2f9add6e53d7bce1dd31667fe2af45e}) and inflation (2.0{96ddfe1ef385335ceff100e1336af509b2f9add6e53d7bce1dd31667fe2af45e}–2.5{96ddfe1ef385335ceff100e1336af509b2f9add6e53d7bce1dd31667fe2af45e}) in 2017.

For an in-depth look at how three key transitions – from monetary to fiscal policy, from globalization to de-globalization and China’s transition away from a pegged currency regime – inform PIMCO’s outlook for heightened uncertainties in the global economy, as well as the investment implications, please read our Cyclical Outlook for 2017.