What's in store for global markets in 2020?

We're more optimistic about capital markets than we are about economic growth.

Global market strategy


Central banks and geopolitics to shape the course of the global economy in 2020.

  • Some major central banks have become more accommodative, while geopolitical disruption continues to cast a shadow over growth.
  • All told, we forecast global economic growth of about 3% for 2020.
  • Regionally, we expect the lowest growth from Japan, the U.K., and the eurozone, and the highest from Asian emerging markets and China.
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Canadian equities


Getting better all the time

  • Canada should benefit from stabilizing global growth, supported by central banks around the world.
  • Canadian investors ought to consider emerging markets as an alternative to domestic equities.
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Exchange-traded funds


Which ETF strategies could help with 2020's expected challenges?

  • Presidential election years can be turbulent, and continued uncertainty could perpetuate investor interest in low volatility ETFs.
  • ETF strategies that access rewarded factors and high-yielding debt continue to proliferate.
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Fixed income


Despite uncertainty, in our view, fundamentals remain solid in many fixed income markets.

  • We believe 2020 will provide a positive backdrop for investment grade bonds.
  • In our view, high yield bonds will likely remain attractive in 2020.
  • We expect Chinese issuers will remain largely resilient and corporate default risk will remain low.
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Diversification expected to gain in importance for 2020 and beyond.

  • We think a global recession is unlikely, but we may see a one in some parts of the world.
  • We expect the next decade to be vastly different from the past one.
  • We believe diversification can help portfolios weather pockets of uncertainty.
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