Recession Ahead: The US And Global Macroeconomic Outlook In 2023 And Beyond
ABSTRACT
2022 was a tumultuous year in financial markets. Returns in both equities and fixed income were amongst the most challenging on record. This occurred as the Federal Reserve responded aggressively to elevated inflation and a strong labor market with severe rate hikes.
Our sense is that this will result in a recession in 2023 in much of the developed world. The downturn is likely to be concentrated in housing, goods consumption, and business capital expenditures.
In our presentation, we will walk through our baseline forecast and why we anticipate a recovery in 2024. We also will examine the implications for asset markets, foreign exchange, and the semiconductor industry.
BIOGRAPHY
David is Macquarie’s Head of Economics and has been covering North America macro for the firm since 2011. His work focuses on structural themes, the economic outlook, and implications for asset allocation. Prior to joining Macquarie he was a management consultant and a buy-side analyst. He is a CFA charter holder and holds a Bachelor of Commerce and a Master's of Science in Managerial Economics. Since 2019, he has been designated a TopGun sell-side analyst by Brendan Wood International, indicating his client coverage rates in the top decile of world standards.