Goldman Sachs Exchanges: Outlook 2026 | Episode 1: The Big Picture

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 13 January 2026

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the first episode of the Goldman Sachs Exchanges: Outlook 2026 series, Goldman Sachs Research’s Jan Hatzius and Dominic Wilson discuss the trends shaping the global economy and markets in the coming year. This episode was recorded on January 8th, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	What does 2026 have in store?
0:05.0	Will the solid growth we saw in 2025 continue?
0:10.0	What are the biggest risks?
0:12.0	And how should investors position their portfolios?
0:15.0	I'm Alison Nathan and this is Goldman Sachs exchanges.
0:18.0	We'll dive into those questions in Outlook,
0:20.0	2026, a special three-part series
0:23.3	covering the trends that will define the global economy in the coming year. In this episode,
0:28.6	I'm sitting down with Jan Hotsieus, head of Goldman Sachs Research and the firm's chief economist,
0:32.6	and Dominic Wilson, senior advisor in the Global Markets Research Group, to discuss the economic
0:37.0	and market outlook for the year ahead.
0:42.3	Jan and Dom recently published their 2026 macro outlook, which they called sturdy growth, stagnant jobs,
0:49.2	stable prices. Jan, Dom, welcome back to the program. Thank you. Great to be with you.
0:55.3	So let's get right into it. We have a lot to discuss.
0:56.3	Jan, at the start of 2025, you predicted global growth of 2.7% just under the figure
1:02.7	where we estimate we will end the year.
1:05.7	Well, we're back here again, one year later, and your growth view for the global economy, again, is
1:12.0	more optimistic than consensus. So what's driving that relatively optimistic view for 2026?
1:19.4	So if I just go back a year, the idea was that the tailwinds would outweigh the tariff increases.
1:29.0	And obviously it was a lot of ups and downs during the year,
1:33.4	but in the end, I think that was basically what happened.
1:37.1	As we go into 2026, I think the story is a little bit clearer
	...

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