Expect a moderate recovery in the global economy in the second-half, although individual economies are likely to lag pre-COVID-19 growth trends.
Australia's economic growth is forecast to contract in the vicinity of 4% in 2020, however this could improve depending on demand from China.
Unresolved Brexit negotiations and rising U.S.-China tensions will weigh on markets for the foreseeable future.
Vanguard has revised its 10-year annualised return forecast for Australian equities.

Rick Maggi