Annual

As the war in Ukraine enters its second year, the combination of limited energy supplies, high inflation and monetary tightening will negatively impact economic growth in the Global North and increase the risk of financial, political and food crises in the Global South. Against this backdrop, the world’s largest economies (most notably the U.S., China and the EU) will seek to shield themselves at a time of rising global uncertainty, leading to increased protectionism and limiting the room for multilateral cooperation on issues ranging from multilateral institutions to climate change.

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