Jean Lemierre, Chairman of the Board of Directors and Nicolas Otton, Head of BNP Paribas Banque Privée France and Chairman of Portzamparc, discuss on the macroeconomic and geopolitical outlook for 2025.
Key-points
- The US election and new global balances. The two main impacts will be in the areas of defence and world trade. One topic to monitor will be American debt.
- The situation in Europe. Growth is likely to be sluggish but two important drivers are the high level of savings in Europe, and Germany calling for greater public spending to stimulate growth.
- The situation in China. World trade has lifted hundreds of millions of people out of poverty, particularly in China, but adjustments to globalisation are expected in 2025 and 2026.