* * * The Annual Reception for the banking and financial community celebrates our close partnership over the years. It is our family affair. Rising from 2018’s Challenges 2018 began with guarded optimism nurtured early by a global economic upswing and expansion. There was higher investment and stronger private consumption in emerging market economies.
By October 2018, however, the International Monetary Fund (IMF) shifted from using phrases like “Brighter Prospects” and “Optimistic Markets” to highlighting “Challenges to Steady Growth.” The IMF cited escalating trade tensions between the United States and China, elevated policy uncertainty, dampened business and financial market sentiments, financial market volatility, and a slowing down of investment and trade.