Every quarter, BLI – Banque de Luxembourg Investment’s fund managers analyze trends in the global economy and financial markets.

Macroeconomic environment

Despite the current resilience of the global economy, a recession seems inevitable.

Having hit record levels in 2022, inflation is set to slow this year.

The central banks’ monetary tightening cycle appears to be entering its final phase.

Financial markets

Equity markets should be affected by two trends in 2023, the gradual end of rising rates and the possibility of a sharp economic slowdown.

A recession scenario is not currently priced into equity markets.

Asian markets should outperform in 2023.

Read their views on the first quarter of 2023.