The Global Investment Outlook

RBC GAM

Research

84 Pages

RBC Global Asset Management explores how the post-pandemic expansion is transitioning into a slower, more fragile phase shaped by inflation, fading stimulus, and new macro risks. Growth remains above historical norms, yet the shift toward tighter policy and persistent supply shocks raises questions about sustainability and market resilience.

Key Takeaways

Slowing Growth Trend: Global GDP growth is expected to decelerate from 5.2% in 2021 to roughly 4.0% in 2022 as stimulus fades and supply constraints persist.
Elevated Inflation Pressures: Inflation in developed markets surged above 5%, the highest in decades, driven by supply bottlenecks, energy costs, and strong demand.
Policy Tightening Shift: Central banks are pivoting, with rate hikes projected in 2022 and bond purchases tapering after balance sheets expanded over $8 trillion since 2020.
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