2022 saw geopolitics dominate attention, with events in Ukraine unsettling and resetting markets and the global economy. Meanwhile, investors also contended with eye-watering inflation, steep rate hikes and higher volatility across the board.
Will 2023 bring more of the same or are we seeing a fundamental shift in the macroeconomic picture? To answer this, we are pleased to present the latest views from the specialist asset management firms across the Generali Investments platform, as they look ahead to the risks and opportunities that 2023 may present.
In our view, 2023 will start in a stagflationary environment, with the major economies flirting with or heading towards recession. The key questions lie in the depth and duration of the recession, as well as the pace of inflation deceleration. This very unusual environment creates high uncertainties, and room for twists and turns through the year. Five themes stand out, in our view.
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