法通（Legal & General）：2025年全球经济展望报告：软着陆？（英文版）（23页）.pdf

1、December 2024|2025 global outlookFor Professional Clients and Qualified Investors Only.2025 global outlookTouchdown?2December 2024|2025 global outlookIn our 2024 investment outlook,we stressed the importance of staying humble.It turns out that we were correct in many of our conclusions,not least tha

2、t inflation and growth dynamics would vie with political risk to dominate the market narrative.But when looking ahead to 2025,humility remains more important than ever.The big macro story is,of course,Donald Trumps victory in the US presidential election.And the temptation is to assume similar econo

3、mic and market responses to his agenda today as to the policies advanced by the first Trump administration.This would be a mistake,in our view.Indeed,we believe markets are mispricing a host of risks and opportunities regarding the outlook.What we can say with certainty,though,is that many of the th

4、emes that will likely drive investor returns next year,and for the rest of this decade,are just as relevant to public markets as to their private counterparts.These include digitalisation,demographics,decarbonisation and deglobalisation.ForewordMany of the themes that are likely to drive investor re

5、turns are,we believe,just as relevant to public markets as to their private counterparts.Sonja Laud Chief Investment OfficerBill Hughes Global Head of Private MarketsWhen looking ahead to 2025,humility remains more important than ever.3December 2024|2025 global outlookThats why for the first time in

6、 this report,we are publishing the entirety of our private markets outlook,from Rob Martins investment strategy and research team,alongside the regular contributions our clients have come to expect.Key takeaways include:We expect another strong year for private credit,amid higher-for-longer rates an