Global growth is slowing after reaching a peak in 2017. Growth continues to decouple: it remains strong in the US, but it starts plateauing. More worryingly, it has markedly slowed in the euro area. Large projection revisions for: Canada; Germany with growth well below 1%; Italy, in recession; the UK, below 1 as well; Turkey, also in recession. And revisions to Germany and Italy are largely responsible for the significant revision to the euro area.