EFTA Document EFTA01377061

CIO Insights August 2016 Lotter to investors 4 • w T Thinking like this moves us away from a simple binary risk on/risk off calculation. We must think instead about the broad path that can best navigate us through the changing landscape. The good news is that the ground we are travelling on is rough but not impassable: global growth is forecast at 3.3% in 2016 and 3.4% in 2017 and most central banks could remain in a highly supportive mode - although their efforts still need to