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Global economic growth forecasts continue to decline. The International Monetary Fund’s (IMF’s) latest set of global estimates were released last week, showing that the organisation, based in Washington DC, expects growth of only 3% in 2019. If realised, 2019 growth would be the slowest since 2009. In April it was still expecting 3.2% growth for this year. A year ago, it predicted 2019 growth at 3.7%.
Economic, market and regulation challenges mean the future is likely to be more difficult than the past.
2019 has been a challenging year for asset managers and their clients. Confidence in South Africa remains dismal, and global macro risks have risen amid trade wars and a slowing global economy. This has seen a very aggressive sell-off in parts of the global equity market, and especially in the case of out-of-favour stocks and sectors.
The strongest deterrent against FSP compliance missteps is or should be: