Yes. The growth of global trade, manufacturing and investment has already weakened. The world economy seems to have reached the tip of the cycle. The International Monetary Fund has cut its prediction for the global growth rate for this year by 0.2 percentage points to 3.7 percent.

The US, which is the largest growth engine among developed countries, is mainly driven by procyclical fiscal policy, which means that its economic expansion will soon settle down. Expectations have also been lowered for the eurozone, South Korea and the UK, while those for emerging markets have been cut to a larger extent.