• While the recovery created a lot of private sector jobs and there was a fair amount of deleveraging, growth is hardly exuberant, we look at the reasons why.
• Other good news is that the world’s saving glut is topping out, as this is a main factor behind disappointing growth (or secular stagnation).
• However, much depends on China, which we see as the biggest risk in 2016.

Source: Why All The Gloom And Doom? – Part II | Seeking Alpha