Global capital markets experienced year-over-year growth in 2017 as a result of a broad-based cyclical upturn. World investment and manufacturing activity has increased, boosting performance in export-driven economies. Activity in import-driven economies remained robust over the year. Global equity capital markets hit a record high by total number of issuances, while global debt capital market issuances broke US$7 trillion for the second year in a row. Initial public offerings (IPOs) and follow-on equity offerings both experienced double-digit increases in activity, while global debt markets largely remained stable, though at elevated levels.