In 18Q3, GDP in Germany (the world’s 4^th biggest economy) shrank at a rate of 0.8%/year, Japan’s economy (3^rd biggest) shrank at a rate of 1.2%/year, and China (2^nd biggest) grew at a rate of 6.5%/year; slowest since 09Q1. US growth was a strong 3.5%/year in 18Q3 but should slow to 3% in 18Q4. Next year, global growth should be a solid 3.7%, but down from earlier forecasts of 3.9%.