Will global growth be resilient to stress?

Th e global economy is currently under significant stress: protectionist policies, geopolitical tensions, political crisis in Europe. Will global growth be resilient to this stress? In particular, there is reason to be concerned about: The renewed capital outflows from emerging countries; The rise in companies' funding costs (rise in risk premia on shares and on corporate and bank bonds); The reappearance of fiscal solvency problems due to the rise in risk premia on riskier sovereign bonds.