Are there any bright spots for the OECD economy?

Many economists and investors are highly pessimistic about the economic outlook for OECD countries. This pessimism is also backed by economic surveys. But a number of reassuring factors should not be overlooked : The tariff escalation could conceivably end at its current level; While industry is weak because of the shift in demand from industry to services, services activity is sustained; The very low interest rates are keeping all economic agents solvent, which ought to prevent a financial crisis and a recession; Corporate profitability is high, which ought to prevent a recession brought about by corporate defaults; Governments (with fiscal policies) and central banks (with monetary policies) are determined to avert a recession.