2024 Global Economic Outlook

After an unexpectedly resilient 2023, global economic growth is likely to slow further this year. While we expect some economies may pull off soft landings, others will face significant challenges. Much will depend on how long central banks need to retain tight policy settings to ensure inflation is sustainably returned to target.

Recession risks remain, and heightened geopolitical risks may shake an already fragile global economy. Expectations are centred around many central banks easing policies as we move into the second half of the year - some will choose to, and some will need to.

Given this outlook, investors remain overweight fixed income asset classes and cautious of valuations in equity markets. And we believe investors exposed to mid-risk assets will be well served to navigate the uncertainty that 2024 is likely to bring.