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Q1 2025 Global Economic Outlook

Weathering geopolitical storms and tariff threats

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The latest edition of this quarterly report gives investors the insight they need to understand the major shifts coming 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 the ECB will cut rates more than most expect, while French and Italian bond spreads will continue to widen; 
  • How geopolitics will influence the global economic outlook as the breakdown of US-China relations continues.

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

We expect 2025 to be another year of reasonably healthy global GDP growth and a continued normalisation of monetary policy. Tariffs will do some damage, but probably less than is typically assumed. And while geopolitics is likely to dominate headlines, the economic effects will be felt over years rather than within 2025 itself.
Jennifer McKeown
Jennifer McKeown
Chief Global Economist

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Global economy

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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