Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning
Blackrock, one of the largest asset management companies in the world, has warned that 2023 will be a year of recession different from other recessions in the past. As part of its recently issued 2023 Global Outlook report, Blackrock states that a new economic playbook is required in a world defined by a supply-based economy and high levels of inflation.
Recession is foretold as central banks race to try to tame inflation. It’s the opposite of past recessions: Loose policy is not on the way to help support risk assets, in our view.
We don’t see a return to conditions that will sustain a joint bull market in stocks and bonds of the kind we experienced in the prior decade.
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