After a 2022 in which commodities were one of the few positive notes for investors, the same story could repeat itself next year. At least that’s the view of Goldman Sachs analysts, who estimate that returns on this asset class could exceed 40%.

Investment in new capacity, accelerating global growth, the reopening of China’s businesses and a slowdown in the pace of rate hikes by the U.S. Federal Reserve will drive growth, a group of analysts that includes Jeffrey Curry wrote in a note to clients on Dec. 14.

The investment bank said commodities are expected to return 43% in 2023, based on the S&P GSCI Commodity Total Return index. while noting that the index delivered 42% in 2021 and 23% in 2022.

“While investors remain concerned about the growth outlook for 2023, a key driver of the recent sell-off, the global economic cycle is far from over,” the analysts said.

“The long-term state of the market is predictable as supply and technology trends are much more resilient and there is every prospect of another surge in 2023,” they added.

“From a fundamental perspective, the outlook for most commodities over the next year is more bullish than at any time since we first looked at the ‘supercycle’ in October 2020,” Goldman analysts said.