02. MACROECONOMICS & STRATEGY
Two scenarios: slowdown or recovery?
Cost of debt as % of GDP – United States
Income and employment – Eurozone
Chart Title
6%
Chart Title
12%
47%
5%
4%
11%
45%
3%
2%
10%
43%
1%
9%
41%
0%
-1%
8%
39%
-2%
-3%
7%
37%
-4%
2005
2008
2011
2014
2017
2020
2024
2019
2020
2021
2022
2023
2024
United States - Debt service ratio Households & NPISHs
Real disposable income growth - Eurozone Employment rate growth - Eurozone
United States - Debt service ratio Non-financial corporations
Public
Sources: Bloomberg, Fed, Bureau of Economic Analysis (BEA), Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.
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