Events over the past year have heightened our conviction that we have entered a new macroeconomic regime, fundamentally different from the past few decades in which globalisation and the technology revolution created very benign market and economic conditions. We uncover three key shifts in the markets.
Supply-side dynamics
A new macroeconomic era dawns as growth in the supply side of the global economy downshifts.
Potential for a recession
The developed world will likely be in recession in early 2023, but we expect a recovery in the second half of the year.
Rising energy concerns
Energy security concerns are on the rise, but, if anything, this should accelerate the transition to a low-carbon energy system.
Against this backdrop, we offer our insights on global equities, global bonds and real assets and identify where opportunity may lie in this new, volatile world.
Authors:
Ben Way, Group Head, Macquarie Asset Management; Daniel McCormack, Head of Thought Leadership, Macquarie Asset Management; John Leonard, Global Head of Equities, Macquarie Asset Management; Brett Lewthwaite, Global Head of Fixed Income, Macquarie Asset Management; Graham McDevitt, Global Fixed Income Strategies, Macquarie Asset Management; Patrick Er, Seniro Econometrician, Macquarie Asset Management; David Roberts, Global Real Estate Strategist, Macquarie Asset Management; Aizhan Meldebek, Global Infrastructure Strategist, Macquarie Asset Management.