Most forecasts by well-known financial institutions for 2023 early last year were gloomy and foreboding, and ended up being way off the mark, with global stocks ended the year at +20%. So what should we expect in 2024?

Many people listen to the forecasts because to them, getting it right could mean a windfall and a false sense of certainty to something which is highly unknowable.

As the year comes to end, we will see financial institutions and managers publishing their predictions and outlooks for 2023. How reliable are these forecasts?