Welcome to Thoughts on the Market. I'm Jaitanaya, Chief Economist for Morgan Stanley.

And I'm Andrew Sheets, Chief Cross Asset Strategyist.

And on this special extended episode of Thoughts on the Market, market will be sharing our year ahead

economic outlook for 2021 and how that outlook could affect markets worldwide.

It's Friday, November 20th at 1130 a.m. in New York.

So Jettin, you know, I'd like to start by discussing our outlook for the global

economy. I think if people take one thing away from this podcast

is that we at Morgan Stanley expect global growth to be better than expected next year.

But I'd like to dig into that a little bit more.

What is the assumption that we think we're making on the global economy that will turn out better than what other people

currently assume. That's right Andrew. We're expecting 6.4% global growth next

year versus consensus at 5.4 so full 1% point higher than consensus.

And what we are forecasting is that there will be a synchronous global recovery

with developed world as well as the emerging world growing together. And the key reason why we are different from

consensus is not because we have a different assumption for the path of

virus but rather the reaction of the economy to the virus.

And what we have been highlighting on this point is that the equation between virus and

economy is changing.

We are actually expecting a much stronger return of private sector risk attitudes towards spending.

So we're expecting both private consumption and Capex to pick up meaningfully in 2021,

and that's what is really at the heart of our forecast being different from consensus and room.

You know we're dealing with far more cases today in the US than we were in July and

...