2025 is shaping up to be another good year for investor returns, with healthy global GDP growth likely to support earnings, and falling interest rates putting mild upward pressure on valuation multiples. Explore our key macroeconomic views and the asset class implications across infrastructure, real estate, equities, and credit markets for the year ahead.
We see geopolitical risks persisting as a base-case scenario for 2025. Below we share the main upside and downside risks to our base case that investors should take into consideration.