2023 Global Market Outlook

The Need for Agility

Elevated geopolitical risks, deglobalization, and changing market structures mean investors should be prepared for higher volatility; but agility can be a source of opportunity amid dislocation.


2023 China Market Outlook

We expect China's recovery to pick up next year. We believe investors should consider adding exposure to a well-balanced portfolio of Chinese stocks for 2023.


2023 Asia ex Japan Market Outlook

We believe that the 2023 outlook for Asia ex Japan equity markets is likely to be more promising and investors should be patient as many of the positive long-term trends of the region remain valid. 


2023 Japan Market Outlook

Japan’s accommodative policy stance remains a key focus, but several factors suggest an encouraging near-term outlook.

Four Themes to Watch in 2023


An Economic Balancing Act

The risk of a global recession in 2023 appears elevated, as developed market central banks hike aggressively into slowing economic growth. However, markets may be overestimating the risk of a deep downturn.


Leaning Against the Wind

Earnings growth estimates for 2023 have started to fall but are still positive, suggesting negative earnings growth could be the next big issue for equity investors.


The Return of Yield


Rising rates have pushed yields in select global fixed income sectors to the most attractive levels in decades, which could offer strong return potential in 2023.


Deglobalisation of a Connected World

We are seeing a paradigm shift in the global economy that will shape the investment landscape for years to come. 

Tactical Allocation Views

As of 30 November 2022

tactical allocation views

*For pairwise decisions in style and market capitalization, boxes represent positioning in the first asset class relative to the second asset class.​

The asset classes across the equity and fixed income markets shown are represented in our multi‑asset portfolios. Certain style and market capitalization asset classes are represented as pairwise decisions as part of our tactical asset allocation framework.​

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information and opinions, including forward looking statements, are derived from proprietary and non‑proprietary sources deemed to be reliable but are not guaranteed as to accuracy.

Want to know more?

Browse our library for latest insights

Learn more about T. Rowe Price

Get in touch



Latest Date Range
Audience for the document: Share Class: Language of the document:
Download Cancel


Share Class: Language of the document:
Download Cancel
Sign in or register to view more information.
Continue with sign in?
To complete sign in and be redirected to your registered country, please select continue. Select cancel to remain on the current site.
Continue Cancel
Once registered, you'll be able to start subscribing.

By clicking the Continue button, I acknowledge that I have read and accepted the Privacy Notice

Continue Back

Change Details

If you need to change your email address please contact us.
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest