Traditional sectors to propel economic recovery

The recovery in traditional economic activities will take global growth to above 4 percent through 2022 at a minimum, a bank estimates.

Technology and gold will be vulnerable to an increase in real interest rates, said Ken Peng, head of Asia investment strategy at Citi Private Bank.

“In the event that real interest rates do rise, I think the more vulnerable assets will be the ones that have performed the best – tech. Because they've benefited the most from the collapse in real interest rates,” Peng said.

Gold could come under pressure when real interest rates go from minus one to zero.

But he does not think the Fed will begin tapering this year.

“If you have a large amount of long-term government debt to manage, you don't want long-term bond yields to rise too fast.''