ALFI Global Asset Management Conference
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Nathan Sheets, Ph.D., is Global Chief Economist at Citi Research. In this role, Nathan leads Citi’s surveillance and forecasting of the global economy and directs the analysis of the firm’s economics team. He interacts closely with Citi’s major institutional clients and internal risk takers, and publishes research on cross-cutting themes shaping the global economy and financial markets.
Most recently, Nathan was Chief Economist and a member of the senior investment team at PGIM Fixed Income. He also has served as Under Secretary of the U.S. Treasury for International Affairs, representing the U.S. government on international economic issues. Previously, he held positions with Citigroup, as Global Head of International Economics, and with the Federal Reserve Board, as Director of the Division of International Finance and FOMC Economist. In addition, Nathan was a senior advisor to the U.S. Executive Director of the International Monetary Fund and a visiting fellow at the Peterson Institute for International Economics. He joined Citi in October 2021.
Speaking at
Global growth in 2023 has surpassed our expectations. We’ve also seen improvements in key measures of inflation, while labour markets have remained tight. With these upside surprises, the probability of a soft landing for the global economy has also risen. Even so, we cannot convince ourselves that we’re entirely out of the woods. The “last mile” of the global inflation fight is likely to be a tough slog. The stringent monetary medicine that central banks have administered, coupled with a stepdown in consumer demand for services is expected to loosen labour markets and slow economic growth. DM economies are likely to feel a bite, with several falling into recession. Taken together, we see global growth in 2024 retreating before rebounding in 2025.
Global Chief Economist