2023 Outlook

Twelve months ago, we wrote about the ‘Roaring Twenties’, a period of economic growth driven by a combination of new technologies driving the next industrial and digital revolution. We also spoke about the end of COVID 19 woes and an expectation of rapid interest rate hikes to combat rising inflation. Rising interest rates and inflation certainly led to market corrections. Volatility was high during the year as investors looked for any sign that central banks would pivot from tightening monetary policy to a pause. Investors now seem sanguine about the prospects for 2023. Little weight has been placed on the likely earnings downgrades of listed companies or the deeply pessimistic consumer sentiment surveys. A soft landing for respective economies has rarely been achieved despite central banks’ narrative. The outlook for 2023 looks as bumpy as 2022 all-be-it a shift in focus from interest rates and inflation to, company earnings and recession.

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