Global growth and confidence have moderated
Rising trade tensions have affected capital spending plans and added to uncertainty
Global growth is set to ease gradually
Global trade is slowing and trade intensity remains modest
The crisis has had a persistent impact on living standards
Potential output growth is projected to slow under current policies
Survey indicators point to rising capacity constraints
Wage growth could pick up quickly as labour markets tighten
Inflation is projected to rise modestly in the advanced economies
Tariffs are already visible in US trade and price data