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Expect 'a year of two halves' amid reopening, inflation: UBS

Jovi Ho
Jovi Ho1/20/2022 7:6 PM GMT+08  • 6 min read
Expect 'a year of two halves' amid reopening, inflation: UBS
“The second half will see reopenings complete, excess savings mostly spent, and emergency stimulus measures withdrawn."
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Swiss bank UBS sees 2022 as a “year of discovery”, as “normal” growth rates and inflation emerge after two years dominated by the effects of the pandemic.

“As pandemic-related drivers of economic growth begin to subside, we embark on a journey of discovery to see whether we are entering a new longer-term economic regime,” says Mark Haefele, global chief investment officer at UBS Global Wealth Management.

US inflation, for example, accelerated to 6.8% y-o-y in November, the fastest pace since 1982. He attributes this inflation spike to an exceptional surge in demand for goods that supply has been unable to meet owing to shutdowns.

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