Ronald Temple – Global Outlook, 2025

The main theme of the report is the need for investors to reassess many long-standing assumptions about the global economy and investment landscape by 2025. Key findings include significant changes in US policy that could materially impact global growth, US inflation, and corporate profitability. China is likely to respond to US protectionism with asymmetric measures and significant fiscal and monetary stimuli. The Eurozone may face challenges due to US trade policy, fiscal pressures, and potential security threats from Russia. Japan will seek to balance the benefits of inflation with voter discontent over rising living costs. The geopolitical landscape may shift significantly due to reduced US engagement in multilateral relationships and defense treaty commitments. Changes in the global environment could significantly impact asset prices, requiring investors to reassess likely winners and losers among countries, sectors, and companies.