Capital markets environment
The development of the global economy in 2016 was slightly positive at around 3.1 percent, in line with the current estimate of the International Monetary Fund (IMF). This positive trend is attributable to stable production in most industrialized nations and, in particular, to an economic improvement in the emerging economies. The IMF estimates that in 2016 gross domestic product (GDP) increased by 4.1 percent in the emerging and developing countries and by 1.6 percent in the industrialized countries.
The expansionary monetary policy of the central banks, a low interest rate environment, and the encouraging economic prospects continued to be dominant factors on the stock markets in 2016 and created a mixed picture.