Karsten Junior, chief economist and head of the economic research and analysis department at Swiss Jiasheng Bank, published the 2027/2028 macroeconomic and investment strategy outlook. Among them, it is suggested that economic growth is expected to remain steady next year, and the growth rate of most economies will be higher than the long-term trend level. This means that inflationary pressure will continue to be high, prompting the central bank to further tighten monetary policy in 2027. However, there are increasing signs that the pace of investment in AI infrastructure and its contribution to GDP growth will slow; the impact of rising financing costs is beginning to emerge, yet key questions relating to return on investment remain unanswered. In 2026, there were two major trends that the market could not have anticipated: the first was the huge scale of investment in artificial intelligence infrastructure, and the other was the sharp rise in energy prices due to the war in Iran. The major central banks not only failed to cut interest rates; instead, they needed to tighten monetary policy again. Despite this, economic growth is still stronger than expected, and the US AI capital spending boom has boosted the global economy. However, this investment boom, combined with the impact of energy prices, also contributed to a sharp rise in bond yields. High bond yields, combined with high fiscal deficits recorded over the years, also mean that governments in mature markets will have to rectify public finances, which is a drag on economic growth. In contrast, emerging markets have more room for policy, and the bank expects fixed investment spending to remain strong.

Karsten Junior, chief economist and head of the economic research and analysis department at Swiss Jiasheng Bank, published the 2027/2028 macroeconomic and investment strategy outlook. Among them, it is suggested that economic growth is expected to remain steady next year, and the growth rate of most economies will be higher than the long-term trend level. This means that inflationary pressure will continue to be high, prompting the central bank to further tighten monetary policy in 2027. However, there are increasing signs that the pace of investment in AI infrastructure and its contribution to GDP growth will slow; the impact of rising financing costs is beginning to emerge, yet key questions relating to return on investment remain unanswered. In 2026, there were two major trends that the market could not have anticipated: the first was the huge scale of investment in artificial intelligence infrastructure, and the other was the sharp rise in energy prices due to the war in Iran. The major central banks not only failed to cut interest rates; instead, they needed to tighten monetary policy again. Despite this, economic growth is still stronger than expected, and the US AI capital spending boom has boosted the global economy. However, this investment boom, combined with the impact of energy prices, also contributed to a sharp rise in bond yields. High bond yields, combined with high fiscal deficits recorded over the years, also mean that governments in mature markets will have to rectify public finances, which is a drag on economic growth. In contrast, emerging markets have more room for policy, and the bank expects fixed investment spending to remain strong.