GOLDMAN SACHS: 4 key transitions we're watching in 2017

The firm sounded optimistic about a recovery in global growth rates, expecting a continuation of a long cycle of economic expansion into 2017. "We think growth is poised to broaden out to more countries, with the global economy drawing on more sources of strength than at any point since 2010," the outlook said.

Also, flagging the elevated valuations of traditional securities, Goldman recommended "broadening exposure beyond conventional stocks and bonds."

In particular, the firm spotted 4 economic transitions to watch out in 2017 with specific signposts. We list them below, along with commentary from the Goldman Sachs outlook.