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CFAL Global Economic & Market Review Q4 2023

19 January, 2024

For the most part, economic output amongst the world’s developed economies was positive in the fourth quarter, but concerns regarding a slowdown continue to persist. The International Monetary Fund expects 2023 global growth to come in at 3.0%. Developed market central banks shifted to a more cautious stance as inflation rates subsided. While headline inflation continues to cool in many instances, overall inflation continued to surpass central bank targets. While economic growth recovered in China, concerns remain about the economy, particularly the property sector. Investors continue to shift capital to other regions of Asia including India, which remains one of the fastest growing emerging economies. Most developed equity indices posted positive returns in the fourth quarter as declining inflation drove gains across most sectors. Lower market yields resulted in gains in most sectors of the bond markets. In the commodities market, precious metals including gold, silver and copper bounced while oil prices declined as global economic uncertainty continued.