Global Economic Outlook
This is a section of our Investment Outlook , where specialists from across our investment platform share insights on the economic and market forces that we expect to influence portfolios in the year to come.
As we move into 2025, investors face a macro and market environment characterized by exceptional uncertainty, centered on the scale and impact of US tariffs and how Europe and China react to them. At the same time, a still very accommodative macroeconomic backdrop suggests the continued potential for upside surprises but also a growing risk of sudden reversals and divergence as we move into uncharted territory and questions of debt sustainability and country-specific structural challenges rise to the fore.
This 2025 Outlook collection offers ideas from multiple Wellington investors, strategists, and other professionals across public and private markets, each sharing their unique perspective on the risks and active opportunities this new economic era brings.
Outlook contents
The year of uncertainty: 5 macro themes to watch in 2025
Macro Strategists John Butler and Eoin O’Callaghan outline five macro themes for investors to watch in 2025 in a year they see defined by exceptional uncertainty and an extraordinary macroeconomic backdrop.
November 2024
6 min Article
Navigating uncertain policy shifts
Macro Strategist Juhi Dhawan explains why investors should prepare for heightened volatility in 2025, due to significant policy changes under President-elect Trump that will impact inflation, trade, and economic growth.
November 2024
8 min Article
Listening to voters’ economic concerns should mean less fiscal spending
Fixed Income Portfolio Manager Brij Khurana explains the likely economic and market impacts of Trump administration policies, including potential winners and losers from drastic fiscal spending cuts.
November 2024
6 min Article
