贝莱德：2025全球投资展望报告-构建转型（英文版）

Megaforces are reshaping economies and theirlong-term trajectories-it's nolonger aboutshort-term fluctuations in activity leading toexpansion orrecession.2024 has reinforced ourview that we are not in a business cycle: Al hasbeen a major market driver,inflation fell without agrowth slowdown and typical recession signalsfailed, Volatility surged and narrativesflipfoppedas markets kept viewing new data through abusiness cycle lens, not one oftransformation.

As we head into 2025, some