Global Financial Forecast 2020-2025

Since 2008, the economy and financial markets have been driven by extraordinary actions from central banks, a thirst for yield, falling productivity and a prolonged expansion characterized by very low inflation. We expect the next five years to be driven by the continuation of ultra-accommodative monetary and fiscal policy and a new cycle of stronger-than-expected growth and modest productivity gains. Demographics should drive investor behaviour toward income, politics are likely to have a greater impact than usual, elevated debt levels will continue to affect the economy, and ESG factors will further influence capital allocation.