Global Market Outlook 2020


The Only Way Out Is Through


Our Macroeconomic Outlook


Real GDP Growth 2018 (%) 2019 (%, projected) 2020 (%, projected)
World 3.6 3.2 3.4
Advanced Economies 2.2 1.7 1.7
    US 2.9 2.3 1.9
    Eurozone 1.8 1.1 1.3
    Japan 0.8 0.9 0.3
    UK 1.4 1.2 1.4
    Australia 2.8 1.9 2.5
    Canada 1.8 1.4 1.7
Developing Economies 4.5 4.2 4.6
    China 6.6 6.1 5.8

Our Equity Market Outlook



Our Fixed Income Market Outlook



Investment Themes



Seeking Growth and Income in Emerging Markets



Managing Volatility



Currency



Climate Risk



Closing Thoughts


Footnotes
Glossary
Disclosures