Forecasts

The fourth quarter will bring shifting trade tactics, evolving wars, and pivotal elections and flashpoints worldwide that will test governments’ stability and market confidence.

Intensifying trade wars, a potential ceasefire in Ukraine, continued volatility in the Middle East and consequential elections in key countries will shape the quarter.

Geopolitical tensions will remain high as the war in Ukraine continues and meager economic activity continues to raise questions about the future of the global economy.

Trade disruptions, shifting military conflicts and domestic political turbulence will shape global affairs in 2025.

Elections in 2024 across diverse territories and amid various socioeconomic and geopolitical contexts will collectively influence global affairs and shape international relations for the decade ahead.

The geopolitical environment in 2021 will be shaped by two global developments: the trajectory of the COVID-19 pandemic and the efforts by U.S. President-elect Joe Biden's administration to restore collaborative relationships across the globe.

The next 10 years will define the shape of the multipolar system, where competition within the traditional East and West will often be as significant as that between blocs for understanding and driving global trade, technology and management of global challenges.

The United States will continue to be the major economic, political and military power in the world but will be less engaged than in the past. Its low rate of exports, its increasing energy self-reliance and its experiences over the last decade will cause it to be increasingly cautious about economic and military involvement in the world.