Bond Market Outlook

Summary Ending 2025, global growth remained resilient. Major economies have avoided recession, supported by services activity and accommodative interest rates, but growth momentum remains capped by labour supply limitations and demographic trends. The global economy is expected to see moderate growth in 2026, though shifts in monetary policy, trade dynamics, and geopolitical developments will remain …

1H2026 Outlook: Global growth moderates, Malaysia maintains resilience – 2026 – Summary Read More »

Summary  Global growth is expected to moderate in 2H2025, as trade tensions and geopolitical uncertainties weigh on sentiment. The reintroduction of broad-based US tariffs has reignited protectionist risks, creating headwinds globally. MARC Ratings forecasts Malaysia’s economy to grow by 4.4% in 2025, down from 5.1% in 2024, supported by strong private consumption, robust tourism activity, …

2H2025 Outlook: Growth to moderate amid trade risks and policy uncertainty – 2025 – Summary Read More »

Summary Global economic growth is expected to sustain its pace in 2025. The US economy is projected to expand by 2.1% in 2025, supported by the services sector. The US-China trade war poses risks to global growth although implementation of tariff hikes could lag, while complex and diversified trade networks may mitigate these risks. On …

2025 Macroeconomic Outlook: Growth to sustain amid monetary easing and protectionism Read More »

Summary  Global economic growth is expected to sustain a moderate level in 2024. Growth forecasts for advanced European economies remain relatively stable despite lingering weaknesses. The strength of the US economy may moderate the pace of policy rate cuts, potentially leading to a less synchronised global monetary policy easing, as some central banks in Europe …

Mid-Year Macroeconomic Outlook 2024: Stable global growth in a moderate easing cycle – Summary Read More »

Summary  After successfully navigating through an environment of high interest rates to tame inflation in 2023, the global economy is expected to stay resilient amid the anticipated end of monetary tightening. However, challenges remain in the form of the lagged impact of previous rate hikes and the risk of inflation reaccelerating. The tightening cycle in …

2024 Macroeconomic Outlook: Post-tightening global recovery – Summary Read More »

Summary  Global economic growth is expected to slow in 2H2023, as tightening monetary policy raises the risk of an adverse policy mistake. While normalising supply chains could support the recovery, maintaining economic momentum after the post-pandemic surge will be challenging. Asian economies are likely to experience a slowdown alongside the global economy, albeit milder than …

2H2023 Macroeconomic Outlook: Asia a source of stability amid rising uncertainties – Summary Read More »