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As we look ahead to 2022, our base case is for positive global growth and elevated inflation in the near term. Though we see inflation moderating during the year, there are upside risks to our forecast.
We believe growth assets, such as equities and credit, will tend to deliver positive returns over the next year.
We remain broadly constructive on equity market risk. We expect to see substantial differentiation across regions and sectors, which warrants a more selective and dynamic approach.