The World in 2025 Chief Economist's Note Five for 25: The macro themes that will shape next year It’s the season for the usual avalanche of reports looking ahead to the coming twelve months. Over the coming days and weeks we will publish our macro and market Outlook reports, which will provide in... 2nd December 2024 Chief Economist's Note Key risks in 2025: What could go wrong (and right)? Earlier this month, we published our key macro and market themes for 2025. It has also become tradition at this time of year to publish a list of key risks to watch for in the coming 12 months. This... 16th December 2024 On-demand briefing Drop-In: The World In 2025 Watch our December 10 client briefing about the key themes and risks which we expect to shape the coming year in global macro and markets. Special podcast episode on the world in 2025: Watch the briefing: The World In 2025 – Key themes/core risks Watch now Macro and Market Outlooks Click here to see all our latest Outlook reports Global Economic Outlook Weathering geopolitical storms and tariff threats We expect 2025 to be another year of reasonably healthy global GDP growth and a continued normalisation of monetary policy. To the extent that tariffs hurt the global economy, the damage will be less... 19th December 2024 · 44 mins read Asset Allocation Outlook Asset allocation in an inflating AI bubble We think US equities will fare better in 2025 than the other major asset classes we monitor, as the AI bubble inflates further. But we expect equities elsewhere generally to lag those in the US and... 17th December 2024 · 29 mins read FX Markets Outlook Trump win likely to extend dollar strength We expect the US dollar to appreciate a bit further in 2025 as the US economy and stock market continue to outperform peers and president-elect Donald Trump brings in extensive tariffs next year. As... 17th December 2024 · 22 mins read Emerging Markets Economic Outlook Bracing for headwinds Headwinds to growth will remain strong in 2025 and our forecasts lie below the consensus. While more protectionist US trade policy will hit China and Mexico, the impact for most is likely to be... 19th December 2024 · 27 mins read Commodities Outlook Weak market fundamentals; geopolitics the wildcard Most energy and industrial metals prices will fall in 2025 as structural headwinds to demand build and supply rises. Geopolitical developments remain a key uncertainty and it is easy to think of... 13th December 2024 · 23 mins read
Chief Economist's Note Five for 25: The macro themes that will shape next year It’s the season for the usual avalanche of reports looking ahead to the coming twelve months. Over the coming days and weeks we will publish our macro and market Outlook reports, which will provide in... 2nd December 2024
Chief Economist's Note Key risks in 2025: What could go wrong (and right)? Earlier this month, we published our key macro and market themes for 2025. It has also become tradition at this time of year to publish a list of key risks to watch for in the coming 12 months. This... 16th December 2024
Global Economic Outlook Weathering geopolitical storms and tariff threats We expect 2025 to be another year of reasonably healthy global GDP growth and a continued normalisation of monetary policy. To the extent that tariffs hurt the global economy, the damage will be less... 19th December 2024 · 44 mins read
Asset Allocation Outlook Asset allocation in an inflating AI bubble We think US equities will fare better in 2025 than the other major asset classes we monitor, as the AI bubble inflates further. But we expect equities elsewhere generally to lag those in the US and... 17th December 2024 · 29 mins read
FX Markets Outlook Trump win likely to extend dollar strength We expect the US dollar to appreciate a bit further in 2025 as the US economy and stock market continue to outperform peers and president-elect Donald Trump brings in extensive tariffs next year. As... 17th December 2024 · 22 mins read
Emerging Markets Economic Outlook Bracing for headwinds Headwinds to growth will remain strong in 2025 and our forecasts lie below the consensus. While more protectionist US trade policy will hit China and Mexico, the impact for most is likely to be... 19th December 2024 · 27 mins read
Commodities Outlook Weak market fundamentals; geopolitics the wildcard Most energy and industrial metals prices will fall in 2025 as structural headwinds to demand build and supply rises. Geopolitical developments remain a key uncertainty and it is easy to think of... 13th December 2024 · 23 mins read
