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Can global trade become an engine of growth with consumption, investment and fiscal and tax policies?

The essential

Growth in the euro area is on the rise, reinforcing our opinion on risky assets in the zone. Investment is recovering little by little, consumption remains solid and the prospects of fiscal and tax support improve the prospects ... trade is the missing part. Will it contribute to the acceleration of growth soon?

Not sure, given the structural headwinds that we have identified in this article. With regard to world trade, the “new normal” for the next 15 years may well look like the past five years (growth of world trade far below the growth of the world economy), not the 30 years which preceded this period (with world trade growth much stronger than world GDP growth.