secular stagnation equities


Secular Stagnation And Equities; The New Normal

UBS | Post 2008, there is evidence that real growth has slowed down on a trend basis. Long-term expectation s of inflation have also fallen globally. In the long run and beyond cyclical swings, earnings growth is also likely to decline on average from pre-crisis norms of 10-11% to ca. 6 -7% in Europe and the US (in our estimates).