2.1 Global Macroeconomic Environment and RWA Allocation Trends
The dynamic shifts in the global macroeconomic environment have had a profound impact on trends in the allocation of Real World Assets (RWA). Amid today’s complex and evolving economic backdrop, investors are paying increasing attention to RWA, as reflected in the following key areas:
Slowing Global Economic Growth and Rising Uncertainty
In recent years, global economic growth has slowed, with the GDP growth rates of major economies declining. For example, according to data from the International Monetary Fund (IMF), the global growth rate in 2022 was 3.5%, below the average of previous years. In addition, ongoing geopolitical tensions, trade frictions, and the lingering effects of the COVID-19 pandemic have further intensified global economic uncertainty.
Inflationary Pressure and Shifts in Monetary Policy
Many countries are experiencing inflationary pressure and a continuous rise in price levels. To combat inflation, central banks have tightened monetary policies and raised interest rates. For instance, the Federal Reserve implemented multiple rate hikes in 2022, leading to reduced global liquidity and rising capital costs. These changes have directly affected investors' asset allocation strategies, prompting a reassessment of risk and return within portfolios.
RWA as a Safe-Haven Asset with Stable Returns
In an environment marked by economic volatility and increased market uncertainty, RWA has become an attractive option for investors seeking safe-haven assets and stable returns. For example, real estate and infrastructure projects typically offer long-term, stable cash flows and potential value appreciation, which can serve as a hedge against inflation risks.
Technological Advancements Driving RWA Digitization
Emerging technologies such as blockchain have opened new doors for RWA digitization and improved liquidity. Through asset tokenization, investors can participate in RWA investments at a lower threshold, enabling fractional ownership and easier trading. This not only broadens the scope of investor participation but also increases the liquidity and transparency of RWA in the market.
Rise of Sustainability and ESG-Investment Principles
There is a growing global focus on environmental, social, and governance (ESG) factors. Investors are increasingly prioritizing sustainability in their asset allocation decisions. Many RWA projects—such as green energy and sustainable infrastructure—align with ESG standards and are drawing the attention of sustainability-focused investors.
Evolving Regulatory Landscape
Governments and regulatory agencies around the world are placing more emphasis on the oversight of RWA investment and trading activities. New policies and regulations have been introduced to maintain market order and protect investor rights. As a result, investors need to stay informed and compliant with relevant laws and regulations when allocating to RWA.
Growing Demand for Diversified Global Asset Allocation
Driven by globalization, investors are seeking to diversify across regions and asset classes to mitigate risk and enhance returns. As a key asset category, RWA—particularly in sectors like infrastructure and real estate in emerging and developing markets—offers a wide array of investment opportunities.
Digital Economy Growth and the Rise of Data as an RWA
The rapid development of the digital economy has given rise to new forms of RWA, such as data assets. According to a 2024 report by PwC, the value and management strategies of data assets are gaining recognition at both the corporate and market levels. Businesses are beginning to account for data as a financial asset, underscoring the significance of data as a new category of RWA.
Rising Global Standing of Emerging Markets
Emerging economies are playing an increasingly important role in the global economy, attracting substantial international capital inflows. RWAs in these markets—such as infrastructure projects and real estate developments—present compelling investment opportunities and have become essential components of global asset allocation.
Heightened Focus on Risk Management and Asset Protection
Amid growing economic uncertainty, investors are placing greater emphasis on risk management and asset protection. Due to their relatively stable characteristics, RWA are viewed as effective tools for risk mitigation and can act as stabilizers within investment portfolios.
In summary, the evolution of the global macroeconomic environment is reshaping RWA allocation strategies in profound ways. When crafting asset allocation plans, investors must take a holistic approach—considering factors such as economic growth, inflation, technological innovation, sustainability, regulatory shifts, and more—to flexibly adjust their portfolios and achieve a balanced risk-return profile.
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