7 January 2022
Our economic road map for 2022 suggests that the first six months of the year could be problematic, particularly when compared with 2021: Price pressures look as though they might ease, but inflation could remain uncomfortably high for the first few months of the year. This is a continuation of the stagflationary narrative that persisted in the second half of last year, and the emergence of the Omicron variant could tip us further in that direction.
Prospects for the second half of 2022 look better, as inventory rebuilds, and the unwinding of supply chain disruptions could fuel a more sustainable recovery. An improved growth picture and slower inflation should bring us back to a Goldilocks regime, which should be far better for market returns and general risk assets.
It isn’t particularly fashionable or click-worthy to admit that we have less confidence in our base-case projection than normal, but we believe it’s important to acknowledge the highly uncertain environment that we’re in as we head into a year dominated by a very long list of known unknowns.
To learn more about the macroeconomic themes for North America, Europe, Asia-Pacific and Latin America, download the full edition.
Takeaways from China’s NPC Meeting & upcoming drivers for Greater China equity market
In addition to the recent breakthroughs in AI and humanoid robot development, we observe other positive catalysts that further support the region’s market.
Five Macroeconomic Themes for 2025: a Global Economy in Transition
2025 is shaping up to be a year of transition. With that in mind, we explore five key forces that we believe will drive the global economy and markets this year. Return to this page periodically for additional timely insight and resources to help guide you through 2025.
2025 Outlook series: greater china equities
In this 2025 outlook, the Greater China Equities team will elaborate on four reasons for more upside potential going into 2025 despite potential US tariff concerns and geopolitical headwinds, as well as investment opportunities based on the 4As positioning for Greater China equity markets.
Midyear 2025 global macro outlook: what’s changed and what hasn’t
More forceful-than-expected government policy decisions, particularly by the United States, have swiftly overtaken some of our early 2025 views. Global trade issues and deglobalization have indeed come to the fore, with knock-on effects for many trade-sensitive emerging markets. Elsewhere, capital markets the world over are contending with a big wave of government debt supply, which is driving global bond yields higher.
Greater China Equities: 2H 2025 Outlook
The latest Greater China Equities Outlook highlights how our investment team navigates global uncertainties and invests through the lens of our investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
2025 Outlook Series: Global Healthcare Equities
The Global Healthcare team maintains a sense of measured optimism for the performance of healthcare equities given the underlying key subsector strength in 2025.