Vanguard economic and market outlook for 2023: Global summary

Vanguard's economic and market outlook for 2023 predicts a more challenging environment due to stabilisation of global consumer behaviour, cyclical acceleration in demographic and geopolitical trends, and rapid monetary tightening. Policymakers are willing to accept asset price volatility and deterioration in macroeconomic fundamentals to fight inflation. The outlook suggests that these factors will help bring down inflation rates, but it also predicts a challenging macroeconomic environment.