(Yicai Global) Feb. 8 -- Severe recession concerns are premature as governments are investing in the real economy, according to the chief investment officer of Denmark's Saxo Bank.

Major economies are making moves that fuel new economic momentum, Steen Jacobsen at the Copenhagen-headquartered investment bank said to Yicai Global in an exclusive interview recently.

For example, China is advancing its dual circulation strategy that is aimed at increasing domestic demand, the eurozone has its EU Chips Act to increase its global market share of semiconductor production, and the United States fights inflation with its Inflation Reduction Act, Jacobsen said.

Although the impacts of the Russia-Ukraine conflict are ebbing, global inflation is still above the 2 percent target, the CIO said. The US Federal Reserve will maintain its monetary policy for longer if inflation rebounds again but its rate hikes are expected to peak as early as September with no following cuts this year, he added.

The US dollar is predicted to strengthen by March 31, leading major currencies again. US gasoline prices have jumped 10 percent from December, putting pressure on the central bank.

The CIO is bullish about commodities in the medium to long run. Economic recovery and investments in the real economy will further attract attention to raw materials, Jacobsen said, adding that considering treasury yields and inflation expectations, real interest rates will fall this year, underpinning gold prices.

Editors: Xu Wei, Emmi Laine, Xiao Yi