Wealth Outlook 2024 - Slow then grow

Slow then grow 13 Wealth Outlook 2024 | Our outlook FIGURE 2 Developed market equities year-over-year (YoY) change in share price versus next-six-months projected earnings per share (EPS) YoY% change MSCI AC World (6mo. lead) EPS CGW EPS Estimate 100 50 0 50 2000 2005 2010 2015 2020 2025 Source: Bloomberg through October 31, 2023. All forecasts are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future events. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary. Aftershocks diminishing We expect an acceleration in the rate of economic growth in the latter part of 2024 and a stronger 2025 ( FIGURE 2 ). Markets lead the economy and will begin to react to prospects for 2025 in 2024. This may allow US equities to reach new highs once the calendar flips over again. Though politics will be grabbing the headlines and creating anxiety for investors at year end, we think a brightening economy and markets will be evident at election time (please see Geopolitics and elections: assessing risk in 2024 on page 24 ) .