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Q2 2025 Global Economic Outlook

Trade war to dampen, not derail, global growth

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The latest edition of this quarterly report gives investors the insight they need as the second Trump administration gets underway with a bang.

These key takeaways from our client report highlight the big issues in the global economy, including:

  • What Donald Trump's return to the White House will mean for global trade and US growth, inflation and interest rates;
  • Why White House policies will weigh on US growth, euro-zone fiscal loosening will disappoint and China's economy will continue to struggle in 2025; 
  • How the pace of global central bank easing will slow – with the Fed likely to remain on the sidelines through the rest of this year.

Download your complimentary copy of the report today to prepare for this next turning point in the global economy.

Trump’s policies will drag on US growth, policy support will not prevent a slowdown in China’s economy, and looser fiscal policy will provide just a modest boost to growth in Europe.
Jennifer McKeown
Jennifer McKeown
Chief Global Economist

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About our Global Economics coverage

Capital Economics Chief Global Economist Jennifer McKeown leads a team of economists focusing on global themes. She has 18 years' experience as a professional economist, having joined Capital Economics after five years at the Bank of England.

Our Global Economics coverage provides a snapshot of our views on individual countries and regions, but the main focus is on global implications and issues. The service includes timely updates on global growth, trade and inflation; forecasts for monetary policy and inflation in the largest advanced and emerging economies; and a quarterly global economic outlook. It also offers concise but detailed research on current global issues.

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