Economies and financial markets experienced varying degrees of normalization in 2021, and the contrasts between investments were stark, even at times paradoxical. The distribution and adoption of vaccines in developed countries has allowed some return to economic normality, while developing countries still had to deal with the persistent virus more than other countries.
Within financial markets, pockets of euphoria pushed cryptocurrencies and meme stocks, as well as some tech giants “over the moon”, while bond markets, helped by dovish banking measures central government, kept interest rates low. These conflicting observations present a greater challenge to our 2022 forecast and impose wider bands around our confidence levels, but our base case is described….
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