Eric Lascelles, chief economist at RBC Global Asset Management believes that long-standing themes will likely recur, while new themes may emerge.

 What Will Continue:

• China should still be able to generate notable (albeit slower) economic growth
• The global middle class should continue to grow, as emerging economies rise
• Lower fertility rates and rising longevity
• The tech sector as the center of economic growth

Emerging Themes:

• Movement towards a multipolar world framework (away from The U.S.)
• Artificial intelligence - a central theme for decades
• The fading of the political will to act against climate change
• Deglobalization at a slower rate
• The bond market - a steep yield curve as global spending increases

What 2026 May Bring:

• Immigration declines and policy decisions undermine long-term U.S. growth
• Productivity should grow faster due to AI applications in robotics and sensors, health care innovations, and beyond
• Oil demand could peak around 2029–2034
• India and Southeast Asian nations could become increasingly influential in the global economy given their large populations and rapid growth
• The stock market could generate more modest returns given higher valuation limits

Download the full report here

Download the full report here