I would identify three main reasons for this subdued global growth. The first reason is trade tensions. Tariffs and other trade barriers have been raised. And even if the direct effects of the actions taken so far may be limited, they have already increased uncertainty about the future of international trade. Looking ahead, there is a risk that projectionism becomes the norm.
This would be very harmful for the world economy, not to mention economic areas like Texas or Finland. [SLIDE 3] Trade barriers have a negative impact on investments and purchases of durable goods, in particular. They explain part of the recent stagnation in the volume of global trade. Pervasive uncertainty has hit its growth, which has fallen from +4-5% evento below zero.