Global growth will be slower, more sustained: Goldman Sachs Research’s Chief Economist Jan Hatzius expects “good” economic growth to continue in 2H2017 but without much of the “acceleration” seen in the “last year or year and a half.” In one of the firm’s 2017 mid-year outlook videos (runtime 02:55), Hatzius says growth will be slower in “places like Japan and Europe” with the US expected to see continued above-trend growth in the 2-2.5% range. There are many places with a “very good recovery” in emerging markets, he says, pointing to Brazil and India as well as “many smaller emerging economies around the world [that] look a lot better than they did a year or a year and a half ago.”

Hatzius remains concerned over the increase in debt in China that is rising at an “unsustainable” rate. As for the international energy markets, Head of Commodities Jeff Currie says the oil market will continue to search for equilibrium, but the balance of risks is tilted to the upside in 2H2017. Currie says “driving that uncertainty are the costs and technological innovations that are being generated from the New Oil Order in a shale industry that is continually evolving” (runtime 02:33).