No sooner had the global economy started to put the aftermath of the Covid-19 pandemic behind it than a whole new set of challenges opened up for 2025.

In 2024, the world's central banks were finally able to start lowering interest rates after largely winning the battle against inflation without sparking a global recession.

Stocks hit record highs in the United States and Europe and Forbes declared a "banner year for the mega-wealthy" as 141 new billionaires joined its list of the super-rich.

But if this was supposed to be good news, someone forgot to tell voters. In a bumper election year, they punished incumbents from India to South Africa, Europe and the United States for the economic reality they were feeling: a merciless cost of living crisis brought on by cumulative post-pandemic price rises.

For many, it might get tougher in 2025. If a Donald Trump presidency enacts US import tariffs that spark a trade war, that could mean a fresh dose of inflation, a global slowdown or both. Unemployment, currently near historic lows, could rise.

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