The Executive Summary (Español)
This year’s Expected Returns publication includes:
The expected returns for all major asset classes for the 2023-2027 period
A thorough analysis of valuations and macro scenarios
How climate change affects the future returns of asset classes
Special topics on global trade, food (in)security, AI, and the energy transition
![This year’s Expected Returns publication includes:](https://images.ctfassets.net/tl4x668xzide/7GPVBnlRmNymlnksptISID/36f2ede1ab93623c2f2a9537e901234d/expected-return-2022-4000px-min.jpg?fit=fill&w=800&h=400&f=center&fm=webp)
![Peter van der Welle - Strategist Sustainable Multi Asset Solutions](https://images.ctfassets.net/tl4x668xzide/YOEwiSlIdCrO9T73KnSYp/25e3f085cc982b9a73e23f1d0fb68660/peter-van-der-welle-2-500px.jpg?fit=fill&w=80&h=80&f=face&fm=webp)
Peter van der Welle
Strategist Sustainable Multi Asset Solutions
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This is the first time since we started publishing the Expected Returns twelve years ago that we expect the developed equity risk premium to be below its steady-state excess return
![expected-returns-2022-483x406px.png](https://images.ctfassets.net/tl4x668xzide/1SzpFYsIRa3IbJuhRaV1sj/1c742b71a3d40065c14e6cb6cdebb1ee/expected-returns-2022-483x406px.png?fit=fill&w=288&h=243&f=center&fm=webp)
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Long-Term Expected Returns
For the outlook on long-term steady-state returns, read our Long-Term Expected Returns.