In early 2023, a mild recession was still expected – this is when two or more quarters of negative growth occur - but this was averted by positive growth in the fourth quarter of 2022.

Our economy can take a punch
At the moment, expectations are that the economy can take a punch, mainly because of low unemployment, high savings and companies having relatively healthy buffers. In addition, inflation is expected to come down further in 2023, thanks to falling energy prices. In the Netherlands this effect is enhanced by the government's price cap. Lower inflation is good news for the purchasing power of consumers.

When will interest rates come down again?
What concerns many investors most is when the policy rate hikes will stop and the rate will come down again. There are also geopolitical concerns, including the war in Ukraine. This will continue to be a concern. Also interesting is what China will do on the world stage. That gives us sufficient reason to believe that we are not yet through with the high volatility on the financial markets.

SNPS in 2023
This year our study on how to optimise the Life Cycle investment portfolios within SNPS will be finalised. The decision on the euro credit category will also be looked at, as well as further research into which infrastructure can best be invested in. In addition, our ESG policy will be further developed.