This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United … developments in China than to shocks in the Euro Area or the United States, in line with the direction of evolving trade patterns … and the emergence of China as a key driver of the global economy. Outward spillovers from the GCC region and MENA oil …

-led growth and face growing risks from a deceleration in investment in China. This note quantifies potential global spillovers … from an investment slowdown in China. It finds that a one percentage point slowdown in investment in China is associated … vulnerable to an investment slowdown in China. The spillover effects also register strongly across a range of macroeconomic …

-than-expected growth in China represents a key downside risk. The results caution against trying to offset the current economic slowdown …