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Our views 18 December 2023

Where did it all go right? Outlook 2024

5 min read

As we come to the end of 2023, inevitably we start to look forward to what the next year will bring.

Writing outlooks can be a thankless task. In 2020, any outlook for that year was void after the pandemic began, and 2022 outlooks were undermined by the invasion of Ukraine by Russia. Even last year outlooks which were concerned about an energy crisis were offset by an extremely mild winter. Forecasting is a difficult thing.

As we came into 2023 the consensus as we saw it was for a recession, caused by higher interest rates and energy costs, which would negatively impact equities but would benefit bonds, which had performed poorly in 2022. All of this was incorrect. There was no recession and as a result bonds have decreased in value whilst equities have performed generally well.

Read in full: Where did it all go right?

The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.