Global economic uncertainty hits a 20-year high

Uncertainty over both global trade and the global economy is at its highest point in more than 20 years, the Institute of International Finance reports, citing the latest readings of the World Uncertainty Index.

Why it matters: "It is a striking exhibit," IIF deputy director Emre Tiftik tells Axios in an email. "Trade uncertainty is implicitly included in the global uncertainty. However, its weight in the global uncertainty is small. And one can conclude that the sharp rise in trade uncertainty is a major factor keeping global uncertainty at elevated levels."

• What it means: The index tracks the frequency of the word “uncertainty” in the quarterly Economist Intelligence Unit country reports. The World Uncertainty Index has spiked after the 9/11 attack, SARS outbreak and following the second Gulf War, the Euro debt crisis, El Niño, European border crisis, U.K. Brexit vote and the 2016 U.S. election.

Go deeper: A synchronized global slowdown