The global economy remains fragile. For several years now better times have always been 'just around the corner'. This optimism has consistently disappointed so let's be realistic. Structural growth drivers in the world's major developed economies are lacking and show few signs of imminent improvement. US economic strength over the past few years has been driven by an energy boom that is starting to fade. China's rebalancing will inevitably result in slower growth as the economy comes to terms with reduced construction and investment. And in emerging markets especially the commodity producers growth will not return to the highs enjoyed over the past decade due to a slow commodity price recovery. If that was not enough we now think Grexit is inevitable. We forecast several more years of lacklustre global GDP growth followed by a global economic slowdown in 2018. The cycle of boom and bust may have just skipped the boom.