ExclusivePimco economist Fels: “A good year for investors”

Pimco chief economist Joachim FelsAlbert Cheung / PR

Pimco chief economist Joachim Fels expects 2021 to be a “good year for investors”. “We come from the valley of tears. It looks like several vaccines will be available in a few months and we will have a very strong economic recovery later in the year, ”he said in an interview with business magazine “Sectors such as tourism, which were severely affected by the pandemic, will recover very significantly. In addition, the central banks will continue to provide support even after the economy has already picked up. “

The new will be released on December 17th

However, in his opinion, the pandemic will remain felt for a long time, so that the economy of the euro zone will probably not reach its pre-crisis level again until 2022. “There will be scars,” said Fels. “The return to the old growth trend will take even longer.” Since 2015, Fels has been chief economist at Allianz subsidiary Pimco, which manages assets of around $ 2 trillion in New Port Beach, California. In his opinion, the “scars” in the form of low growth rates will slow down returns on the stock market in the next five to ten years.

In the interview, which is part of the extensive capital market outlook in the new issue of, Fels also warns of “disruptive factors” for the global economy and the financial markets. These include, among other things, “the rise of China to the world’s leading economic power”, which will challenge the USA. Therefore, the future President Joe Biden will adopt a different tone towards the People’s Republic, “but I believe that not much will change in the substance of politics,” said Fels. “The economist described advancing digitization and populism as further disruptive factors . In this environment, he recommends that investors pay more attention to capital preservation. They should “reduce their earnings expectations and be very broadly diversified, both regionally and across asset classes.”

The full interview can be found in the 1/2021 issue of, which will be published on December 17, 2020. In the cover story “The best for your money 2021”, looks at the prospects for investors in the new year and names numerous rules for investing. In addition to the capital markets, the real estate market will also be subjected to an analysis at the end of the Corona year 2020 and the emergence of a Dax forecast will be traced. interested in Here is the Subscription shopwhere you can order the print edition. Our digital edition is available at iTunes and GooglePlay


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