Our macroeconomic scenario for 2023

Published on
26 January 2023
Read time
1 minute(s) read

Our Portfolio Advisor Kevin Thozet talks to our Chief Economist Raphaël Gallardo about his global scenario for the coming quarters  - a world economy marked by a sharp desynchronisation of regional blocs  - and why he thinks we are entering a structurally more inflationary environment.

“We have entered into a world with negative supply-side shocks that are structural. This reflects a new geoeconomic order we have entered with the pandemic and the war in Ukraine.”

- Raphaël Gallardo, Chief Economist

* A Goldilocks economy is warm enough with steady economic growth to prevent a recession; however, growth is not so hot as to push it into an inflationary status.

Annual Meeting Replay

Watch our Annual Meeting to learn more on our market views and convictions
Click here

Articles that may interest you

Market Analysis14 July 2025English

Quarterly Reports: Second Quarter 2025

Find out more
Market Analysis13 June 2025English

Carmignac - Outlook for the second semester of 2025

Find out more
Market Analysis9 May 2025English

Building customer loyalty in the digital age

Find out more

Video created on 06/01/2023.

This video is intended for professional clients. In Belgium, this video has not been submitted to the FSMA for validation.

This video is published by Carmignac Gestion S.A., a portfolio management company approved by the Autorité des Marchés Financiers (AMF) in France, and its Luxembourg subsidiary Carmignac Gestion Luxembourg, S.A., an investment fund management company approved by the Commission de Surveillance du Secteur Financier (CSSF), pursuant to section 15 of the Luxembourg Law of 17 December 2010. “Carmignac” is a registered trademark. “Investing in your interest” is a slogan associated with the Carmignac trademark. This video does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this video do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this video may be partial and could be changed without notice. This video may not be reproduced in whole or in part without prior authorisation.
UK: This video was prepared by Carmignac Gestion and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013).