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Pensions investment outlook 2025: U.S. policy uncertainty clouds road ahead
By Investment Managers
The coming year will likely be characterized by three main drivers: the U.S.’s politically driven polices, structural economic 1 The implicit yield curve based on the floating rates associated with an interest rate swap. weaknesses and political uncertainty in Europe, and China’s restructuring of its troubled property market.
Overall, our forecasts suggest global growth looks set to continue its 2024 pace of 3.2% in 2025, before easing in 2026 to 2.9%.
This outlook could be compounded by the implementation of trade tariffs on China and Europe by U.S. President-elect Donald Trump, potentially leading to emerging countries’ growth suffering as a result.
Political uncertainty in major European countries such as Germany and France, coupled with growing nationalism in Europe, is expected to make it increasingly challenging to coordinate pan-European policies regarding economic reforms, migration, and European defence.
Source AXA
