It may not feel like it, but 2024 was a pretty good year for the global economy. Inflation receded, central banks cut interest rates and growth came in as expected and at around trend, or normal levels. Risks that were widely discussed a year ago – persistent inflation, an economic hard landing and geopolitical shocks that hit growth – failed to materialise. We expect 2025 to be another decent year, with global GDP growth coming in around 3.2%, in line with the performance in 2023 and 2024. In many respects, it will be more of the same. […]