Dan Appleby

Looking ahead into 2026, we expect global growth to remain resilient, supported by a combination of fiscal spending and gradually easing financial conditions. While markets may continue to experience short-term swings, these are increasingly being driven by shifts in sentiment and valuation concerns rather than fears of a recession. Economic momentum in the first half of 2026 is expected to be underpinned by government stimulus measures and increased investment linked to technology, infrastructure and business expansion. Measures designed to support households and businesses should provide a near-term boost to demand, while incentives for corporate investment may strengthen growth over time. Globally, trade policy and geopolitics remain sources of risk, but their economic impact has so far been less disruptive than initially feared. Overall, while challenges remain, we believe the balance of risks for 2026 is shifting toward steady growth, rather than downturn, reinforcing the importance of diversification through periods of market volatility.

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