This is undoubtedly a prosperous period for the world economy,but the recent volatility in global stock markets is an indicatorthat times may be changing. The World Bank has forecast globaleconomic growth of 3.1 percent for 2018, which will obviouslybenefit businesses. At the same time, an improving businessenvironment brings with it the prospects of wage inflation, risinginterest rates, and the end of cheap money. A couple of weeksago, U.S. stocks reacted dramatically to figures that showed U.S.wages rising faster than expected. This clearly demonstrated howjittery the markets are about the end of a loose monetarypolicy.

In addition to these macroeconomic developments, othersignificant changes are afoot. The established political order isbeing questioned in the United States and Europe, tensions arerising again in the Middle East, technology is transforming the waywe live and work, and the United States has overhauled corporatetaxation. Change brings opportunities, but it also presentsrisks.

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