Global Economics & Market Strategy

2024 Outlook: Light at The End of the Tunnel – A Better 2024 GDP Backdrop

08 December 2023

Barnabas Gan

Acting Group Chief Economist & Head, Market Research

We expect global growth to accelerate in 2024. The catalysts for our views are threefold: (1) rate normalisation may materialise in 2H24; (2) dissipation of inflation risks over the same period towards key central banks' objectives; and (3) China's potential economic recovery in 2024.
We keep our global asset allocation strategy as overweight (OW) Equities, market weight (MW) Fixed Income and underweight (UW) Cash. For Malaysia, we change our asset allocation strategy to OW Equities, MW Fixed Income, UW Cash.
In fixed income: In 1Q24, pay in UST10YR swaps and sell UST10YR bonds on rallies. In the US and Southeast Asia, we prefer credit relative to local currency government bonds. In foreign exchange, we forecast the DXY to weaken post 1Q24, while SGD will remain the outperformer across ASEAN.

View Report

Please note that the reports published by the Economics and Market Strategy or any division within RHB Bank Berhad and/or its subsidiaries, related companies and affiliates, as applicable (“RHB”) are compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its suitability, accuracy, completeness or correctness. Neither the reports, nor any opinions expressed therein, should be construed as an offer to sell or a solicitation of an offer to acquire any securities or financial instruments mentioned therein. RHB (including its officers, directors, associates, connected parties, and/or employees) accepts no liability whatsoever for any direct or consequential loss arising from the use of the reports or any contents therein. The reports may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB (including its officers, directors, associates, connected parties, and/or employees) accepts no liability whatsoever for the actions of third parties in this respect. By accessing the reports, you agree to the disclaimer herein and the section on ‘’Disclaimer Economics and Market Strategy’’ and/or any other disclaimer in the reports.