汇丰：2025年全球投资展望报告（英文版）

The year 2024 has largely bean characterised by positivedevelopments-disinflation,resilient growth andimproving corporate profits. These factors have enabledcentral banks to pivot their policies, initiating a globalcutting cycle in the latter half of the year. Hovever, as welook ahead, concerns about inflation are likely to lingerand we do not foresee a retum to the low inflationenvironment of the 2010s. lnstead, we anticipate inflationsettling in the 2-3%b range for most major economies, wit