A Look Back at the Previous Year

• Strong Economic Growth in the US and India, but Sluggish Growth in China and Europe

• Inflationary Pressures Gradually Ease in Much of the World, While Deflation Threatens China

• The Impact of the Recent Series of Crucial Elections Around the World

• The Threat Posed by the Rising Level of Global Geopolitical Uncertainty

Another Year of Conflict

• The Outlook for the Ongoing War Between Russia and Ukraine

• The Potential for a Wider War in the Middle East Involving Israel, Iran and Others

• The Devastation Caused by the Wars in Sudan, Congo and Other African Countries

• The Potential for a Conflict Involving China in Asia or the Pacific Ocean

The Economic Outlook for the Coming Year

• The Economic Outlook for All Major Economies

• The Potential for Continued Growth for United States Economy

• The Outlook for International Trade and Investment As Protectionism Spreads

• Forecasts for Inflation and Interest Rates in the Coming Year

Geopolitics in the Coming Year

• The Leading Geopolitical Risks of the Coming Year

• China's Difficult Relations with its Neighbors and with the United States

• The Outlook for the Coming Year's Most Important Elections

• The Impact of Geopolitical Risk on the Global Economy

Key Issues to Watch in the Coming Year

• The Impact of the New Government in the United States on the Economy and Geopolitics

• The Threat of a More Severe Economic Downturn in Many Major Economies

• The Impact of AI and Other Technologies on the Global Economy

• How Businesses and Governments Can Prepare for Major Global Changes

Long-Term Trends to Watch

• Demographic Changes and Their Impact on Labor Markets and Global Demand

• The Impact of the Rising Geopolitical Risks and the Rise of Reshoring

• How AI and Other Technologies Will Boost Productivity in the Coming Years

• The Impact of Environmental Changes on the Economy and the World

Economic Highlights

• The global economy has been driven by strong growth in the United States in recent years, and remains dependent upon continued growth in the US over the near-term.

• Inflationary pressures will continue to slowly recede in most major economies, but deflation will remain a serious long-term threat to the Chinese economy.

• More competitive economies with a strong presence in high-tech and high-growth industries will withstand the current challenges better than their less-competitive counterparts.

• Labor shortages will persist in some sectors of the economy, but unemployment will rise in other areas as the global workforce continues to undergo a dramatic transformation.

• Declining working-age populations, an uncertain outlook for trade and investment, and falling productivity growth rates will make it more difficult to generate long-term economic growth.

Geopolitical Highlights

• The growing rivalry between the United States and China will come to dominate many aspects of the global geopolitical environment.

• China's growing assertiveness in Asia and further abroad will result in more countries working together to counter China's rising power.

• The conflict in Ukraine will continue as neither Russia nor Ukraine has the capability of recording a total victory, leading to a prolonged stalemate or a negotiated settlement.

• The fallout from the series of landmark elections that took place in recent months will have a major impact on the economy and geopolitics in the coming year.

• Political polarization and the fragmentation of politics will make it increasingly difficult for stable governments to be formed and to remain in power in many parts of the world.