2024 Investment Outlook

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Assuming that the Middle East crisis remains contained, we expect a weaker global economic outlook, mainly driven by the slowdown in Developed Markets (DM). The US will tiptoe into a recession in H1, as tight financial conditions begin to bite on consumption and business sentiment. Eurozone growth remains mildly positive, thanks to healthy household disposable income and despite extraordinary fiscal measures being lifted. In Japan, growth should moderate but stay above potential.

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