1、March 2023REPORT RELEASEGlobal Investment Outlook 2023 2023 WTW.Proprietary and confidential.For WTW and WTW client use 2 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Contents3Executive summaryPortfolio priorities for a surprise-free 2023/244Macro outlook for the major count

2、riesU.S.:the labour demand/supply imbalance is supporting high wage growth,high core inflation,and resilient nominal spending growth Europe:energy and goods market imbalances have eased;labour market imbalances are a riskChina:the China reopening theme 20Portfolio prioritiesWill 2023/24 be more like

3、 2022 or the decade before it?Macro volatility remains an important theme for 2023/24;we believe this boosts the benefits from portfolio diversificationTaking advantage of downside risk hedging in an environment of high volatility should support strong return potential The return from skilled active

4、 management is likely 3 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.How can we deliver needed returns,whilst controlling the impacts from economic volatility?Portfolio priorities for a surprise-free 2023/24DiversifyThe exceptional returns from a mix of equities and bonds ov

5、er the decade to 2021 were driven by low macro volatility;economic imbalances suggest ongoing market volatilityDiversification is always a good idea and is an especially good idea nowDownside risk hedging at the right priceUnderstanding the range of outcomes is an important way to reduce uncertainty

6、;integrate real world scenario analysis into risk managementOur expectation of ongoing macro volatility in 2023/24 increases the value of tail risk hedgesOpportunities for alphaHigh macro volatility typically leads to high return differentiation across and within asset classesIn these conditions,the