Market commentary

2023 Global economic and market outlook

6 December 2022

As 2022 comes to an end, Ric Deverell, Macquarie's Chief Economist and Head of Net Zero, reflects on how global markets and economies have fared through a turbulent year of steep interest rate rises and surging inflation.  

Looking ahead, Ric says 2023 will be another challenging year for the global economy, as core inflation remains elevated, and the response of central banks further strains economic activity. Equity and commodity prices are also expected to fall further as slowing global growth dampens demand.  

Looking further out, however, if central banks successfully tame inflation, by the end of 2023 the world should be moving into the early stages of another long economic expansion.