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With Donald Trump returning to the White House, China navigating internal and external headwinds, Europe striving to balance reform and fiscal sustainability, and central banks rethinking their policy frameworks, the stakes are high.

Highlights:

• The year 2025 begins with major upheavals in the global economic landscape, marked by Donald Trump's return to the White House and the internal and external economic challenges faced by major powers.
• The main economic risk of the year will be Trump's tariff policies, which could trigger retaliation from trading partners, affecting global trade and increasing inflationary pressures.
• Despite the inherent risks, 2025 should offer interesting opportunities for active investors.

Your experts   Sébastien Mc Mahon, MA, PRM, CFA Chief Strategist, Senior Economist and Vice-President, Asset Allocation & Portfolio Manager Follow Sébastien Mc Mahon on          Alex Bellefleur, MA, CFA Senior Vice-President, Head of Research, Asset Allocation     Tuyen Tran, M.Sc., CFA Senior Analyst, Asset Allocation and Economics

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