康桥汇世：2026年全球投资展望报告：喧嚣市场中的价值甄别（英文版）

Our investment views are shaped by the expectation that global growth will be slightly below trend in 2026, consistent with the consensus forecast for global real GDP growth of 2.9%, compared to the ten-year average of 3.1%. The likelihood of upside growth surprises is low, given a softening US labor market and the lagged effect of tariffs, while the risk of a sharp recession appears limited. We expect inflationary pressures to diverge across regions. In the United States, inflation will like