About this work
The January 2025 outlook places policy uncertainty at the center of the global economic picture. Potential US tariff and migration changes complicate inflation prospects, while a strong dollar and elevated interest rates constrain emerging markets. Commodity volatility, geopolitical tensions and longer term climate and demographic pressures add further demands on economic strategy.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: Storm Clouds and Silver Linings: Uncertainty in 2025. Institute of International Finance.