2023 Global Markets Outlook - The St. Gallen Finance & Economics Review

Towards the end of 2021 we published an article detailing our key views for 2022. We noted a strong “V-shaped recovery” in 2021 following QE by the Fed during the pandemic. The investment paradigm in this “new economy” of zero rates and free liquidity was to be fully risk-on: There Is No Alternative (TINA). On the last trading day of 2022, we review our ideas we had had for this year and provide a careful assessment and summary of our views for 2023.