CFA Institute members are optimistic that 2013 will be a good year for global equity markets, according to the Charlottesville, Va.-based Institute’s annual Global Market Sentiment Survey. Survey results were released on Monday.

Overall, survey respondents believe that the global economy will expand by 40% in the coming year. Only 20% of those surveyed believe the economy will contract, which is down from 29% in last year’s survey.

CFA members are particularly upbeat about global equity markets in 2013. Fifty per cent of respondents believe equities will outperform all other asset classes, such as, bonds, cash, commodities and precious metals. Last year, only 41% of participants were as optimistic about equity markets. Of those surveyed, 32% believe the U.S. equity market will provide the best investment opportunity. China and Brazil came in second and third respectively (17% and 10%).

Of course, the global economy will not be without risks in 2013. Thirty-seven per cent of survey respondents believe the European sovereign debt crisis is the biggest risk to economic growth next year. Weak economic conditions are ranked second at 31%.

Now in its second year, the survey covered topics ranging from members’ expectations for the global economy and problems facing the financial services industry. The survey was sent out to 115,796 CFA members worldwide with a 6% response rate. In Canada the survey was sent out to 14,092 Canadian members and 839 or 6% responded. The survey was conducted online from Oct. 30, 2012 to Nov. 13, 2012.