Issue 93 | Fourth Quarter 2023
Our view remains that the US, as the suburbs of a global economy, was first to shake off the COVID recession and the rest of the world is only now emerging from their doldrums. The global economy has been in the downdraft of a typical 3-year manufacturing cycle, and 2024 should benefit from a worldwide factory recovery. This recovery will be aided in part by falling prices for goods especially in dollar terms which makes them more attractive than still inflating services. That shift should benefit the emerging markets, as investment flows in their direction after a long drought.
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