Forecasts

The third quarter of 2025 will be defined by disruptive trade policies fueling supply chain volatility and the persistent risk of escalation in major conflicts.

U.S.-China tensions, a push by the Global South to build a parallel world order, new governments implementing controversial reforms and elections triggering social unrest will shape the fourth quarter.

A lingering energy crisis and monetary tightening will negatively impact economic activity across the world in the fourth quarter, leading to heightened social, political and economic risk.

Trade disruptions, shifting military conflicts and domestic political turbulence will shape global affairs in 2025.

The next year will see slower economic growth and more cyberattacks worldwide, along with increased Western tensions with China, Iran and Russia.

The next 10 years will define the shape of the multipolar system, where competition within the traditional East and West will often be as significant as that between blocs for understanding and driving global trade, technology and management of global challenges.

The United States will continue to be the major economic, political and military power in the world but will be less engaged than in the past. Its low rate of exports, its increasing energy self-reliance and its experiences over the last decade will cause it to be increasingly cautious about economic and military involvement in the world.