Finding the right balance between three things – public health, normal economic functioning, and personal freedoms – will be the main challenge for policymakers in 2021. As these problems surfaced with the Covid-19 outbreak, it can be expected that a vaccine would solve most of the problems.
In general, we believe 2021 will be a good year for risky assets, with equities realizing above average returns in our base case. However, in a scenario in which a working Covid-19 vaccine is not readily available to a large part of the global population in 2021, all bets are off and all risky assets will realize negative returns.
Your details are not shared with third parties. This information is exclusively intended for professional investors. All requests are checked.