Australia records its lowest annual GDP growth rate since the GFC, US manufacturing is shrinking, the Chinese economy is slowing and Europe teeters on the precipice of recession.
Ongoing trade tensions and potential currency war increase the risk of intensifying a global growth downturn. Much of the world is mired in political dysfunction.
Structural challenges abound. These range from climate policy challenges, perceptions of inequality, cyber-attacks, and “oligopolisation”.
And all this occurs when the monetary policy armoury is, if not exhausted, then certainly depleted.