Second Quarter 2023
Economic imbalances are improving
In this quarter’s report, we note that the global macroeconomic environment has been “imbalanced” since the start of the pandemic, due to tight labour markets contributing to high inflation.
But we think that we are starting to see gradual gains towards achieving a healthy equilibrium in the global economy. As such, our base case for 2023 is a shallow economic slowdown that has the potential to recover quickly and provide positive surprises to the market.
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