Multiple wars and conflicts around the world, alarming extreme weather events, a global pandemic, trade tensions between major economies, rising levels of public and private debt, slowing global trade and economic growth—it’s no wonder everyone is bracing themselves for a recession. Yet China’s reopening has provided some optimism for global growth. What might be the likely path of the economy going forward? In an increasingly multi-polar world, what does it mean for investors and money managers seeking diversification? What key market signals should we look for across geographies? And what macroeconomic conditions will have the greatest impact on financial markets and the relative appeal of different asset classes?