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Summary of the M&G (Lux) Optimal Income Fund Webcast
The severity of the Covid 19 outbreak on the global economy, sharply slowing consumption and weakening services, means a recession is inevitable, in my view. The US economy, with near full employment, is arguably in a better position than Europe to withstand an expected sharp slide in growth, however. We feel this global economic slowdown will be different to previous recessions, when consumer demand fell away because of a downturn in the price of houses, oil, and generally combined with a high debt-servicing ratio.