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Surprisingly strong

Nov 10, 2023

While investors chew on the latest quote from Fed Chairman Powell : “If it becomes appropriate to tighten policy further, we will not hesitate to do so”, we wanted to stress that worldwide economies have been outperforming even the most optimistic expectations in 2023. A year ago, consensus for global real economic growth ( read nominal growth minus inflation ) was estimated at +1.7% for 2023, currently analysts believe it will be a full percentage higher at +2.7%. As we wrote before, there are powerful disinflationary forces at work while central banks arrive to the end of their hiking cycle and businesses and consumers remain alive and kicking. Despite the current gloomy atmosphere and the geopolitical uncertainties, there may be more positive economic news in store for 2024.

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