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Heading into 2023, capital markets appear to have priced in a significant global economic slowdown. The key question is whether this deceleration will lead to a full-fledged recession.
Much depends on the US Federal Reserve and the world’s other major central banks as they continue efforts to bring inflation under control.
The good news? Valuations across most select asset classes look more attractive today. Global equities have seen multiples compress, while sharply rising yields have improved the potential for prospective fixed income returns. Elevated geopolitical risks, deglobalisation, and changing market structures mean investors should be prepared for higher volatility; but volatility - and excessive pessimism - can create value for agile investors.
In this Global Market Outlook, our experts share insights on the four key themes they expect to influence markets over the coming year, and the investment opportunities and risks that could lie within.
Explore our key themes for 2023
WEBINAR
Webinar replay: 2023 Global Market Outlook
Elevated geopolitical risks, deglobalisation, and changing market structures mean investors should be prepared for higher volatility; but agility can be a source of opportunity amid dislocation.
Listen to our chief investment officers as they discuss four key investment themes that are expected to impact markets over the coming year.
Thinking
Regional Outlooks
Insights
"Active management skill is just incredibly important in this environment."
Sébastien Page, Chief Investment Officer, Head of Global Multi-Asset
2023 Global Tactical Views
As of November 30, 2022
The tactical allocation views are prepared by the T. Rowe Price Multi-Asset Division and are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
VIDEO
Key Takeaways of the 2023 Global Market Outlook
Investment Specialist Ritu Vohora shares important key takeaways from this year’s Global Market Outlook in under two minutes.
Investment Leaders
Andrew McCormick
Chief Investment Officer,
Head of Global Fixed Income
Sébastien Page
Chief Investment Officer,
Head of Global Multi-Asset
Justin Thomson
Chief Investment Officer,
International Equity
Ritu Vohora
Investment Specialist,
Capital Markets
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