UBS On-Air: Paul Donovan Daily Audio 'Recessions are not technical'

The Eurozone and assorted components release preliminary fourth quarter GDP guesses. A small drop in growth is expected, led by Germany. The German economy was poorly positioned for global consumers’ spending focus shifting from goods to having fun. Any drop will provoke media hysteria about the nonsensical term “technical recession”. Falling GDP is more probable when countries have falling populations, and in the real world no one differentiates –0.1% from 0.0% growth.