We foresee a recession during 2023, followed by a more positive economic outlook in 2024 and beyond. Combined with reasonable asset valuations and a cautious attitude among investors, we believe it is still reasonable to maintain a largely neutral risk level. However, our portfolios include some reallocations since our last Investment Outlook.
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One factor that has held back the global climate transition so far is the shortage of energy storage capacity. Wind and solar power are competitive sources of power, but their Achilles’ heel is uneven production that is determined by the weather. But there are many energy storage solutions and we see enormous growth potential for several of them going forward.
Electrification, sustainability, digitisation and automation are potential future growth areas that should have good resilience in these turbulent times. The general downturn in stock markets this year may be a good opportunity to invest in sectors and companies with favourable long-term prospects.
