a Activity Indicator 2000 2002 2004 2006 2008 2010 2012 2014 2016 Data through 03 2016. Source: Investment Strategy Group, Emerging Advisors Group, Goldman Sachs Global Investment Research. both China and the US, such as Korea, Taiwan and Malaysia, would be particularly vulnerable. While the net effect of these comp

equities. HOUSE_OVERSIGHT_026920 --- PAGE BREAK --- Sources: Investment Strategy Group, Bank for International Settlements, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver, International Monetary Fund, Teneo Intelligence. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘R

stment Strategy Group. =/b>The =nvestment Strategy Group ("ISG") is part of the Investment Management =ivision of Goldman Sachs and is not a part of Goldman Sachs Global =nvestment Research. Information and opinions expressed by individuals =ther than Goldman Sachs employees do not necessarily reflect the view =f Gol