Flying on only one engine, global markets growth exposed to turbulence

This downturn in the US economy is inevitable as the United States is returning to full employment

With growth in many European, Asian and emerging markets mostly uninspiring, the United States is increasingly the main motor behind the global economy.

The world’s biggest economy is under scrutiny, however, as its current upturn is running on borrowed time due to the fiscal stimulus of debt-financed tax cuts.

“When the downturn in the US economy starts, the effects (on share prices, interest rates, capital flows, emerging countries, exchange rates, global trade and global growth) will be very pronounced,” Natixis chief economist Patrick Artus wrote in a research note this week.

“This downturn in the US economy is inevitable as the United States