Brunetti View: Macroe­co­nomic Outlook

How are the global economy and the Swiss economy performing? And what risks arise from rising govern­ment debt? Our macroe­co­nomic advisory board member, Prof. Dr. Aymo Brunetti, shared his insights during a discus­sion with Tareno’s portfolio manage­ment team and client advisors.
Bild_BrunettiView_1_2026-1164x840

Brigh­tening Economic Outlook Amid Rising Infla­tio­nary Pressure

The global economy conti­nues to show resili­ence. Accor­ding to Brunetti, leading indica­tors point to a further recovery. Positive momentum is coming in parti­cular from the recovery in the industrial sector and global trade driven by artifi­cial intel­li­gence.

The Swiss economy surprised with excep­tio­nally strong growth in the second quarter of 2026, thanks in parti­cular to the pharmaceu­tical industry. Accor­dingly, growth forecasts for the full year were revised signi­fi­cantly upward.

At the same time, rising energy prices are creating incre­a­sing infla­tio­nary pressure. This limits central banks’ monetary policy leeway and increases economic risks. Switz­er­land is an excep­tion, where infla­tion remains at a low level.

Global Govern­ment Debt as a Growing Risk

Brunetti takes an incre­a­singly critical view of global govern­ment debt, which conti­nues to rise even during times of economic prospe­rity. In the U.S. and France in parti­cular, high budget deficits and rising long-term interest rates are exacer­ba­ting the situa­tion.

The growing interest burden is strai­ning govern­ment budgets and poses a signi­fi­cant medium-term risk to economic stabi­lity.

Brunetti View 2026

Find out more about our exper­tise

Invest­ment advice

Are you looking for an asset manage­ment firm that takes respon­si­bi­lity while also foste­ring personal inter­ac­tion on an equal footing? At Tareno, our invest­ment advisory services combine profes­sional exper­tise with perso­na­lized support.

Learn More

Advisory Board: Prof. Dr. Aymo Brunetti

Our advisory board member, Prof. Dr. Aymo Brunetti, regularly briefs our client advisors and our invest­ment committee on important macroe­co­nomic develo­p­ments. His assess­ments are incor­po­rated into Tareno’s invest­ment policy and thus make a valuable contri­bu­tion to our invest­ment decis­ions.

Learn More

Respon­sible

Annina Aeschi
Head of Marke­ting & Commu­ni­ca­tions
a.​aeschi@​tareno.​ch

Disclaimer

The state­ments and infor­ma­tion in this publi­ca­tion have been compiled by Tareno AG to the best of its knowledge, in part from external (publicly acces­sible) sources which Tareno AG considers to be reliable, for infor­ma­tion purposes only. This publi­ca­tion is not the result of a finan­cial analysis. Tareno AG and its employees are not liable for incor­rect or incom­plete infor­ma­tion or for losses or lost profits resul­ting from the use of infor­ma­tion and the conside­ra­tion of opinions expressed. The state­ments and infor­ma­tion do not consti­tute a solici­ta­tion or invita­tion, offer or recom­men­da­tion to buy or sell any invest­ment instru­ments or to engage in any other transac­tions.

Nor do they consti­tute a specific invest­ment proposal or other advice on legal, tax or other issues. A positive return on an invest­ment in the past is no guarantee of a positive return in the future. The state­ments, infor­ma­tion and opinions expressed herein are current only as of the date of this document and are subject to change at any time.

Dupli­ca­tion or repro­duc­tion of this publi­ca­tion, even in part, is not permitted without the written consent of Tareno AG. The “Guide­lines to ensure the indepen­dence of finan­cial analysis” of the Swiss Bankers Associa­tion do not apply. [Images: IStock, Shutter­stock, Pixabay, Unsplash. Origi­nals: Marijke Vosmeer, Charts: Tareno AG]