The outlook for the economy in 2024 is hidden in the charts by major banks.

At the end of the year, major banks have also released their outlook reports for the global economy in 2024.

But this time is different. Let's ignore the lengthy text and data and start with visuals.

What do the cover images of these banks' annual reports convey?

Goldman Sachs

The Bangkok Skywalk.

This image has also been used on the covers of IBM's "Opening the Door to Innovation" and Ernst & Young's "Tax News: Changes in Tax Legislation".

This 61-meter skywalk showcases the landscape of southern Thailand. However, compared to IBM and Ernst & Young, Goldman Sachs has made subtle modifications to the image - blurring the boundaries of the trees and clouds, expanding the distant clouds, and highlighting their vividness.

Marc Nachmann, Global Head of Asset and Wealth Management, said:

"Embracing change is not easy. Even when finding the path forward is difficult, resilience and action are needed to avoid falling behind."

JPMorgan Chase

Downhill.

And the downhill depicted in the image is not smooth, accompanied by a sunset scene.

JPMorgan Chase states:

"If our soft landing macro baseline unfolds, we expect developed markets to experience a stable, gradual easing cycle towards neutral interest rate levels, with variations across jurisdictions in terms of start dates, pace, and end points."

Morgan Stanley

New Zealand State Highway 6.

According to the media, this road is located on the edge of Lake Wakatipu, near the famous geological formation known as the "Devil's Staircase". In addition to the winding road and expansive sea views, there are warning signs for "falling rocks" along the roadside.

The bank's strategist writes:

"Can developed market economies avoid a recession while curbing inflation? Although economic downturns remain a risk worldwide, we expect that in our baseline scenarios (such as the UK), any recession will be mild, as inflation declines with full employment, boosting real incomes. While investment spending may fluctuate more, consumption remains resilient."

It doesn't seem to explicitly state what the "falling rocks" would be, but if you continue driving along the road in the picture for another kilometer, you will reach the foot of the Devil's Staircase.

UBS

Curves.

The significance of this is unclear, but it seems that these curves can be associated with modern architecture and high-quality construction.

As a reference, last year's UBS Outlook Report was titled "The Year of Change," filled with photos of winding roads and rivers.

Iqbal Khan, CEO of UBS Wealth Management, said:

We believe that focusing on quality in 2024 is worthwhile. With interest rates declining, we expect attractive income and capital appreciation from high-quality bonds. We believe that in a global economic slowdown, high-quality stocks (including many technology industry stocks) are most likely to achieve profit growth.

Jingshun

The cover image of the web version of the report, according to the official description, is "a fashionable man doing ballet poses on a bench."

The cover image of the PDF version is "a female leader talking to a disabled colleague."

Christina Hooper, Chief Market Strategist, said:

After policymakers' efforts to combat inflation over the past two years, our outlook for 2024 focuses on the balance between sustainable growth and sticky inflation.

Barclays Bank

According to the image description, this image is "the first ray of sunlight on Earth."

This seems to metaphorically represent a "soft landing," but it is a soft landing from the stratosphere, which adds a hint of danger to the whole situation.

Ajay Rajadhyaksha, Global Head of Research, said:

In short, even though we believe the ultimate outcome will be relatively benign, 2024 may be as challenging as the past few years.

Orient Securities

An unmanned lighthouse - a perfect fit with the title "Mastering the Trend." The exact source of this image is unknown, but according to the media, a similar level of splashing seems to have occurred during the Imogen storm in 2016. In such cases, the potential storm that may hit is more concerning than tidal surges.

Vincent Mortier, Chief Investment Officer of the Group, said:

"2024 will be a long-term period, seeking Asian growth through credit, emerging market bonds, and dividend increases, as well as leveraging structural themes."

BNP Paribas

The Great Wall.

This image is well exposed and captures the length of the wall in its carefully composed frame. However, what has been leaked is a CLO strategic document from BNP Paribas.

The strategist at BNP Paribas wrote:

"So far, CLOs have performed well in 2023, driven by a strong technical backdrop and 'slow' fundamental deterioration. By 2024, we expect the upcoming loan maturities to become a key factor in CLO performance. The proportion of US loans maturing in the next two years is at its highest level since 2012."

ING Group

Yacht sailing towards the sunset.

Upon closer inspection, the yacht seems to be sailing from turbulent waters towards calm and vast waters. According to the official description of the image source, it depicts "clear skies after rain, dramatic glowing clouds, golden sunlight, waves and splashes, whirlwinds."

The viewpoint expressed by ING Group is:

"The bond market loves a change in interest rate cycles. That's why we are bullish and expect a transition to a normal upward curve at lower levels. However, all of this sounds a bit too normal. We still have concerns about liquidity risks, the US fiscal deficit, and geopolitics - indeed, for the entire year of 2024."

Societe Generale

A sloth.

There is no specific description of the image source, but sloths often evoke a sense of slowness and resilience, perhaps implying Societe Generale's forecast for the future macroeconomy.

Westminster National Bank

A crossroad.

This image carries strong metaphorical meaning. Firstly, "a crossroad on the grassland at sunset" evokes the idea of finding a way out of a dilemma. It also uses the rule of thirds composition and a narrow aperture to emphasize the sun, making the whole picture more vivid. NatWest's Head of Economic and Market Strategy, John Briggs, said:

"Worldwide turmoil has led to increasing geopolitical uncertainty for 2024 due to ongoing conflicts. It's not just open warfare, but also the rise of regionalized trade, protectionism, and deglobalization..."

According to the media, the only "interesting" geopolitical issue may be next year's US presidential election.

It is worth noting that the two diverging paths in the picture are not "drastically different," and the right path seems to have another fork.

Lazard

Beach and coastline.

Lazard has adopted a vertical annual outlook report. According to the source of the image, the cover image shows the cliffs of Kilkee on Bishop's Island in Ireland (the title box neatly covers the parked tourists). The two head images below show the beach near Lumio in Corsica (which PwC has used multiple times) and the coastal landscape of Crete.

There doesn't seem to be anything particularly special about them, just like any other picture of the sea, reminding us of the beauty and unpredictability of nature, and providing different perspectives from an aerial view.

Ronald Temple, Chief Market Strategist at Lazard, said:

"Dealing with the ever-changing and sometimes even dangerous geopolitical landscape may require deep expertise, as geopolitical issues that may have been overlooked in the past now directly impact companies' supply chains and customer base."

This makes us wonder: Does the cover image have anything to do with coastal erosion? Does the final picture indicate underground volcanic activity? Or is this one of the "deep wells" from which Lazard draws its experience?