Setting aside the debate regarding the efficiency of monetary measures, everything seems poised for an acceleration in global growth in nominal terms in 2017.
It is important to highlight that we are incorporating price evolution here, as there is a certain consensus that we will see a rebound in global inflation during the coming year. This will be driven by rising external prices or simply by the closing of the output gap in major economies. While it is true that we are far from talking about an inflationary risk, it now seems even more remote to consider the risk of deflation.
