Publication

This paper discusses the state of the US, eurozone and Chinese economies as well as the problems these could still face despite the relatively favorable outlook for global growth and demand in 2014. The author argues that 1) in the eurozone, there is still a risk of potential further downgrades to sovereign and non-sovereign credit ratings; 2) in the US, the outlook is more positive, but could be undermined by its Federal Reserve's asset purchase program or political disruption; and 3) in China, the transition to a more consumption-driven economy may further exacerbate the slowdown in growth over the short and medium-term.