The BT Investment team has published its commentary of economic and market developments over the 2021/2022 financial year and outlined key themes for the coming year.
During FY 2021/22, we were still learning to live with the ongoing consequences of COVID-19 when the unexpected invasion of Ukraine by Russian armed forces reignited market uncertainty.
Then, as record levels of inflation hit the world’s major economies, central banks came under the spotlight. They faced a monumental challenge of curbing soaring inflation while maintaining economic growth and winding back emergency policy measures still in place from the pandemic. All this led to deteriorating risk sentiment as investors worried about how aggressive central banks would be and how higher interest rates would impact global growth.
The year ended with grim global economic and market indicators at levels not seen since the GFC. Most major markets relinquished their strong gains of the prior 12 months, as supply chain issues remained a concern, and consumer and business confidence fell further.
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Information current as at 15 June 2020. © Westpac Financial Services Limited 2020.