皇家银行（LGT）：2025年全球经济展望报告：驾驭转型、贸易与科技（英文版）（22页）.pdf

1、Outlook 2025Navigating transformation,trade and technologyForward-looking for generationsThemesLGT Wealth Management Outlook 20252Contents4 Global economic outlook 20253 A message from our CIO16 Broadening markets9 Geopolitical tensions13 The AI revolution 19 Stewardship interviewLGT Wealth Manageme

2、nt Outlook 20253A message from our CIODear Reader,Welcome to our annual Outlook publication,where we explore the key macroeconomic trends shaping markets both today and in the future.As technology and geopolitics continue to redefine the world around us,we are focused on identifying opportunities th

3、at reinforce our investment philosophy and align with our long-term approach.Our Outlook offers a forward-looking perspective that discusses these developments,as well as other economic indicators that guide and shape our investment discussions.This time last year,we discussed themes such as regiona

4、l policy and growth divergence,easing price pressures and declining energy prices.With half of the worlds population heading to the polls,we expected that 2024 would be a pivotal year for global politics,leading to more growth-oriented policies.We also highlighted the key themes shaping capital mark

5、ets,such as interest rates,private markets,sustainability,geopolitics and Asias potential.Over the past year,we have seen varying degrees of progress across these themes.Interest rates and post-election fiscal policies have remained significant market drivers.Chinas ongoing difficulties have somewha

6、t affected Asias potential.However,with Xi Jinping signalling that he would implement more proactive policies to promote Chinese growth,we see this region as a powerful driver of markets.Early 2024 saw a shift in market focus from inflation to growth,though inflations resurgence remains an important