Coming Down the Mountain in 2022

Fundamentals are strong, but several factors that drove growth in 2021 won’t be working in the economy’s favor as much this year — and that could pump the brakes on 2022’s performance.

Tailwinds subside, headwinds remain

Stimulus Softens

Markets enjoyed support from monetary policy and fiscal stimulus in 2021. Both will likely be pulled back.


Resistance Grows

The continuing impact of the pandemic and the recent emergence of inflation are both expected to weigh on the economy.


Even with new and ongoing challenges, organic growth is showing signs of durability, with central banks planning to raise rates in 2022. Expect the business cycle to shift from a broad market rally to narrowly driven, slow expansion, with opportunities for investors to keep moving forward.


Numbers Retreat

Without the lows of 2020 as a comparison, year-over-year growth is forecast to fall.

Economic Growth



Economic Growth

Year Growth
2021 5.9%
2022 4.9%

Global Equities Earning Growth

Year Earning Growth
2021 47%
2022 6%


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