SINGAPORE (Feb 12): It appears increasingly obvious that the traditional business cycle is returning after more than a decade of quantitative easing across developed markets, says Neo Teng Hwee, chief investment officer and head of investment products and solutions at UOB Private Bank. The business cycle — that is, the ebb and flow of economic growth that occurs over time — was disrupted by the global financial crisis, and then the QE years as central banks experimented with ways to propel economies out of recession. This expansion which started in 2009, will be the longest on record if it continues to 2019, Neo says.

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