With global growth expected to reach 3%, exceeding 2024 review and 2025 Outlook for financial markets Delphine Di Pizio-Tiger Global Head of Asset Management, CA Indosuez Alexandre Drabowicz Chief Investment Officer, CA Indosuez 2024: SMOOTH LANDING DESPITE TURBULENCE our already optimistic forecasts, the global economy is demonstrating astonishing resilience. This performance can be explained by three main factors: the robustness of the US consumer, the absence of recession in Europe and the stimulus provided by the Chinese economy. The US continues to enjoy a dynamic economy, underpinned by robust domestic consumption and leading companies in transformative fields such as artificial intelligence. On the other hand, Europe is trying to adapt to a rapidly changing world, while at the same time suffering from political instability in some of its member countries. At the same time, emerging countries are increasing their influence on the international stage, in a context of growing multipolarity. India stands out for the strength of its economy, while China is once again the engine of growth. Global Outlook 2025 - Read online ↓ After a sharp fall in 2023, inflation declined more slowly in 2024. Nonetheless, this fall in prices has enabled central banks to begin cutting their key rates, thereby supporting the economy through lower financing costs for consumers and businesses. This trend is set to continue in 2025, although there is still a great deal of uncertainty about the pace and the terminal rate of central bank intervention. Unfortunately, 2024 was also marked by high geopolitical tensions, notably the conflict in the Middle East and the war in Ukraine. Investors have therefore adjusted their allocations by choosing assets capable of protecting their assets against these growing risks. Gold, for example, has attracted renewed interest from central banks in particular, rising from around $2,000 an ounce at the start of the year to almost $2,800 in October. CFM Indosuez Wealth Management 16
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