The Year Ahead 2025: How elections will reshape the global economy

It’s fair to say that 2024 should be known as “The Year of the Ballot Box”, with more than 50 elections having taken place worldwide. In some cases, we think the outcome of those elections could bring about big swings in the direction of policy in 2025.

What could that mean for markets and the economy? In this episode, journalist and podcaster Tim Phillips is joined by Ross Walker, Head of Global Economist and Chief UK Economist; Paul Robson, Head of G10 FX Strategy, EMEA; Joann Spadigam, European Rates Strategist; and Philippe Bradshaw, Head of Syndicate Portfolio and Risk Management Capital Markets, for a lively discussion around some of the big questions looming over the outlook: Are markets underestimating the inflationary impact of fiscal policy? Where will terminal rates land – and will relative rates continue to drive FX? And will fixed income investor appetite wane amidst still-high rates and a potential glut of sovereign bond supply?

Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.

NB: This was recorded at Soho House, London UK on 20 November 2024.

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