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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