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Investment Outlook 2025: Will policy uncertainty trump growth?


What is shaping global growth and policy uncertainty? And what is our outlook for equity and fixed income markets in 2025? Our investment experts present the key themes shaping the global economy in the year ahead alongside detailed asset-class outlooks in equities and fixed income in our 2025 Investment Outlook publication.

In our 2025 Investment Outlook publication:

  • Joe Prendergast, Head of Investment Strategy, explains why, after a stellar year, equities are still appealing.

  • Chief Economist Dermot O’Leary asks: is the benign growth picture about to be undermined?

  • Bernard Swords, Chief Investment Officer, explains why structural growth will remain our main focus in 2025. He also presents our indicative average annual expected returns for global equity markets over the next five years.

  • Fixed Income Strategist Moyah Flanagan outlines why investors can expect a steadier path for European fixed income returns in 2025.

To delve into our views, read our Investment Outlook by clicking the button below.