Global Macro Research

Five macro themes to watch in 2025

We consider five themes for 2025, including slowing monetary policy easing, rising fiscal sustainability concerns, winners and losers from the changing patterns of globalisation, and major sources of political and geopolitical risk.

Author

Global Macro Research

Duration: 1 min

Date: 05 Dec 2024

Key Takeaways

The rate cutting cycle is getting cut short, at least in the US and some EMs.
Debt is a worry again, and the term premium is likely to rise further.
There can be emerging market winners as well as losers from changing patterns of globalisation.
Any ceasefire in Ukraine or the Middle East will be unstable.
Europe is the next locus of political risk.

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