The Global Macro Outlook:2017,in 10pages and 32charts

After a February 2016 trough, the OECD Leading Indicator has recovered for sixmonths. Please see the data on page 2. The industrial cycle was, we believe, theprincipal cause of the 2014-16 deceleration in global growth, and will be thedriver of the forecast 2017-18 recovery.

    The durability of this upswing is strengthened by: 1) the employment-ledrecovery underway in Europe, 2) the healing of private sector balance sheets inadvanced economies, and 3) the expected second leg up in the USconsumption growth story, pages 2-10.