‘Things are not as bad as you might think’

Is the world heading for another recession? Has the UK performed poorly in terms of growth compared to other developed countries? Not according to Stephanie Flanders, Chief Market Strategist at JP Morgan, who spoke at Jersey Finance’s Private Client Conference ‘Guiding Lights’ last week.

According to Stephanie, the UK has actually outperformed most of Europe on cash GDP, tracking closer to the US, and has successfully put the risk of a debt crisis into the past. However, she also warned that countries in the Eurozone periphery (like Italy, Spain and Ireland) were still a risk to stability, along with other countries such as Japan.

2016 has seen a slight dip, with reports suggesting that the global economy is in a slightly weaker position now than it was in January, however that is counteracted by stronger performances in some sectors of industry. In 2016 the services sector is continuing to perform well in growth terms, particularly in contrast to the manufacturing sector.

Stephanie reiterated that with the services sector performing strongly, and that it contributes 80% of GDP, this puts the UK economy in a good place. Entrepreneurship and business growth is still taking place, ensuring that individuals still require expert services in the investment and corporate administration space.