Global Macro Insights

The April 2026 global macro landscape was defined by the Iran conflict and its impact on energy prices and central bank sentiment. While growth is softening, Franklin Templeton sees resilience in Emerging Markets and selective opportunities in the Asia-Pacific and Latin American regions.

Key Takeaways

• 1.The Middle East conflict (specifically involving Iran) is the primary driver of global economic uncertainty, maintaining elevated oil prices.
• 2.The IMF has modestly downgraded global growth projections to 3.1% for 2026, though Emerging Markets are still expected to outperform developed economies.
• 3.The US Dollar is viewed as broadly overvalued, with Templeton expecting medium-term depreciation and a sustainable trend toward non-USD asset allocation.

Table of Contents

• Summary
• April overview
• Outlook
• General market and economic overview
• Geopolitics
• Global growth data shows some softening, but with pockets of resilience
• The latest inflation outcomes are showing effects from higher energy prices
• Outlook and positioning
• IMF Global Growth Projections
• Contributors
• WHAT ARE THE RISKS?
• IMPORTANT LEGAL INFORMATION

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