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Risks to Global Outlook

The major risks to the global economy outlook are:

Geopolitical tensions – An escalation of ongoing geopolitical tensions in a number of
regions affecting confidence and disrupting global trade, financial and tourism flows.

Slowdown in emerging market economies – The slowdown in China poses more inter-
national spillovers through trade, commodity prices and demand, and confidence.

Lower commodity prices – Commodity prices pose dual risk. Continued drop in com-
modity prices may worsen the outlook for commodity producers and the decline in oil
prices may provide a stronger boost in demand in oil importing countries. PROVINCIAL OUTLOOK NATIONAL OUTLOOK GLOBAL OUTLOOK GAP HOUSING INVESTOR NARRATIVE SPOT THE OPPORTUNITY PORTFOLIO INSIGHTS KHULISA NEWSLETTER ELECTRIC VEHICLES ENERGY SECURITY LOOKING AT GDP

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