2021 will “see an increase in economic growth," according to UBS Global chief investment officer

“The vaccine is a key development, and I think there are still questions in people’s minds of when it will achieve things,” said Mark Haefele Chief Investment Officer, UBS Global Wealth Management. Speaking with Sophie Shulman at Mind The Tech 2020, he outlined what he thinks the vaccine will do to markets as we enter a new year. “We’re going to see an increase in economic growth… all of these factors should help earnings for companies to grow, and that should give us more in markets.”

Haefele credited the fiscal and monetary stimulus that was offered in 2020, and which is set to continue into next year, for ultimately helping markets with their recoveries. However, he urged that it’s now time to take that ‘big mega-cap tech exposure’ and apply it to sectors that still need to catch up with bouncing markets.

Haefele has been the CIO of UBS Global Wealth Management since June 2014. Before that he served as Global Head of Investment and Head of Investment. You can watch the entire exchange in the video above.