6 in 10 local fund managers predict a global recession in 2023

They, however, believe that Asia will see “light” amidst a gloomy year.

Singaporean fund managers predict that 2023 will be a gloomy year for investors worldwide, with 67% warning that the global economy might enter a recession.

Apart from a global recession, data from the Investment Managers Outlook Survey showed that 73% of investment managers also believe that inflation will remain “sticky” at high levels.

On the flip side, fund managers see a little light in the Asian market, led by China. Half of the fund managers surveyed believe China’s growth will recover in 2023.

“After 3 years, China’s relaxation on its restrictive Covid-19 policy will bring about immediate and substantial impacts to both its economy and the Asian market in general,” said Rajeev De Mello, chairman of the IMAS Development Committee.

Seven in 10 fund managers also predict that there will be a “solid recovery” in Asian equities and credit markets during the year.

Looking ahead, fund managers believe that an increase in ESG investments (68%), rising product innovation (45%), and the growth of millennial investors (45%) will drive growth in the investment industry.

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