Global Outlook 2026 Positioning for a global equilibrium shift

The global economy is being recalibrated. What does this mean for investors? Some of the main insights from Global Outlook include:

  • While energy remains a long-term investment theme, three main investment themes are emerging in 2026: AI infrastructure, digital assets and water scarcity
  • Standard business-cycle indicators are no longer reliable: The range of economic and market outcomes in 2026 is widening across monetary, fiscal, geopolitical and technological dimensions  
  • Uniform globalisation is indeed fading, but the world remains deeply interconnected

To find out more about what we expect of equities, private markets, currencies, fixed income and gold, access our outlook now.

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What seasoned investors look out for this year

To our Global Outlook

Macroeconomic outlook In a nutshell

For 2026, we anticipate a variety of risk factors and structural changes that will broaden the spectrum of potential economic and market outcomes. Nevertheless, our outlook stays positive.

Our main macroeconomic insights include:

A new capex cycle

Nationalistic industrial policies, fiscal spending, and geoeconomic fragmentation should drive a new capex cycle, benefiting diverse industries.

Accelerated growth

Outside the UK, we expect advanced-economy growth to accelerate, as trade uncertainty recedes and lower interest rates feed through.

Technology and AI

Labour markets remain structurally tight, encouraging investment in technology and AI for productivity gains and reducing labour dependency.

Stable inflation

Inflation is mostly anchored, with the US an exception due to slow tariff effects and potential policy overshooting.

Robust Asia

In Asia, domestic demand and past reforms underpin a robust outlook.

Asset classes

You can find out more about investing in equities, currencies, gold and other asset classes in our Global Outlook.

Access our complete outlook now

Insights from our CIO Why we are in a phase of punctuated equilibrium

Higher structural inflation, elevated debt and potential capital controls are reshaping the landscape. In this interview, Mika Kastenholz, LGT Global Head Investment Solutions, shares his insights on what investors should look out for this year.

To the interview

Investment themes in 2026: On AI, cryptocurrencies and water

Discover the main investment themes to watch out for in 2026.

Investment strategy

Have digital assets gone mainstream?
Once laughed at, cryptocurrencies have now become part of the investment toolkit. Is this the moment for even the most sceptical investor to take a new look at digital assets?
Investment strategy

The AI barbell: short-term enablers vs long-term adopters
With data centres popping up everywhere and AI evolving rapidly, the future looks bright for both those companies enabling AI today and those integrating the technology in the future.

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