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Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the four quarter of 2020.

Macroeconomic environment

  • Massive fiscal and monetary stimulus measures are generating a stronger-than-expected economic recovery.
  • The US Federal Reserve announced a fundamental change in its monetary policy strategy, accepting higher inflation rates in the future.
  • Despite ever-growing structural imbalances, the economic recovery could accelerate in 2021.

Financial markets

  • The global equity index has almost returned to its pre-crisis level, which may seem surprising given the economic damage caused by COVID-19.
  • However, the crisis has also ensured that the low interest rate environment that is favourable to equities will continue.
  • The divergence between the winning and losing sectors has widened even further.

Due to health risks, this edition of 'Perspectives' will not be available in paper format.

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