AXA安盛：2025年全球经济与投资展望报告：特朗普再次当选的影响（英文版）

2025 may be characterised by divergence across the world’s main economic regions, around three dimensions: underlying growth, fiscal policy, and monetary policy. Let’s start with growth. We expect GDP to gain 2.3% in the US next year, above consensus. We would be tempted to say it also exceeds potential – often estimated at c.175% - but the resilience of the US economy probably also reflects a rise in the country’s potential. Successful investment choices by US corporations 10 years ago, acceler