Deutsche Bank – Perspectives Economic and Asset Class Outlook, Apr 2025

The main theme of the report is related to the economic forecast and outlook for various asset classes in 2025.

Key findings include expectations of improvements in the economic situation despite recent challenges related to US tariff measures and retaliatory actions by trade partners. The global economy's growth is projected to slow, but a severe downturn is not expected, with recovery anticipated by the end of the year. US average tariff levels are expected to decline, with high policy uncertainty persisting in the medium term. US GDP growth is forecasted at 1.2% in 2025 and 1.1% in 2026, with inflation rising to 3.2% in both years. The US Federal Reserve is expected to remain on hold before cutting interest rates at the end of 2025.