This year was marked by political change across the globe, with more than 50 elections held in 2024. And while many governments may have new mandates in 2025, they face entrenched problems, including high levels of national debt, anaemic growth and, in some cases, creaking infrastructure. Moreover, geopolitical risk and protectionism appear resurgent, challenging the resilience of supply chains, threatening escalation of global conflict, and raising the risk that inflation stays higher-for-longer.

 With fiscal policy back in the driving seat for markets, where do we see the big risks and opportunities emerging? Prepare for the year ahead by getting to grips with the big themes and events shaping the economy and moving markets in 2025.