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Market Outlook 2022: Investing in a world in transition



The cycle continues after recovery

The recovery of the global economy on which we based our central scenario for 2021 has been endorsed in a solid growth framework that brings us closer to pre-crisis levels across multiple geographies and sectors.


Positive macro outlook faces changes of paradigm

We maintain a positive central macroeconomic scenario for 2022 based on a gradual adjustment in global supply chains, a gradual decline in inflationary pressures and the continuation of growth rates above pre-Covid averages. This process of normalization entails major challenges in the main economic blocs as it implies important paradigm shifts.


Invesment opportunities in markets in transitions

Investors are pleased with the returns achieved by risky assets during the recovery, but are concerned about risk-free yields, rising inflation and slowing growth. The paradigm shift is forcing investors to take a hard look at their investments to combat the challenges of the transitions in which the major financial assets are immersed.

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