What We’re Watching in 2025
With Donald Trump’s return to the world stage, it’s all but certain to be an unusually unpredictable year. What’s top of mind for our columnists? AI, crypto, markets, housing and more.
A lot happened this year that was not on our 2024 bingo cards.
The Crowdstrike outage ruined everyone’s summer trips. “Diddy Party” became a household term. Olive oil prices spiraled, giving rise to criminal enterprise. And US president Joe Biden dropped out of the race for the White House, paving the way for Elon Musk to land himself a government job.
We could go on.
So if 2025 is anything like 2024, it’ll be unpredictable and messy — especially with US President-elect Donald Trump returning to the global stage. And this time, he has experience.
So what’s in store for the next year? Will the AI boom continue? Will the luxury market continue to suffer? Will World War III begin? And what will China’s role in all three be?
No one has a crystal ball, but some clear trends are emerging. Our columnists made their predictions (and asked the right questions when they couldn’t) on the global economy, markets, democracy and more.
Explore the headlines below to see how 2025 is shaping up around the world.
America Needs to Break Its Debt Addiction — Crisis or Not
Bloomberg Opinion’s fiscal hawk takes on its market optimist in a debate about whether the US is on a path to financial ruin.
By Robert Burgess and Clive Crook
Trump’s Immigration Crackdown Will Be Swift and Ugly. Here’s How.
The president-elect has promised sweeping changes and mass deportations. Here’s what to watch.
By Patricia Lopez
Central Banks Started a Rates Descent They Can’t Finish
The Fed’s cold feet on cuts shows that the world is down from a peak, but the changing terrain is no less dangerous.
By John Authers
We’ve Accepted Wegovy and Zepbound. The Next Phase Is Harder.
Most people have accepted GLP-1s’ health benefits. Now, we have to decide who gets the drugs.
By Lisa Jarvis
The 5 Biggest Forces to Watch in Corporate America
The coming year will challenge Big Business. Here’s what to keep an eye on.
By Beth Kowitt
Europe’s Hottest Stock Has an American Architect
How Siemens Energy went from near zero to market hero.
By Chris Bryant
Democrats Got Routed. But There’s a Path Back to Victory.
Will the defeated party choose youth or age? Progressivism or centrism? Change or more of the same?
By Nia-Malika Henderson
MAGA Has an Orban-esque Plan to Control Universities
Trump and Vance are already indicating they’ll follow Project 2025’s blueprint to wage a pressure campaign on colleges.
By Frank Wilkinson
Musk and Trump Could Delete Consumer Protections
Long-sought curbs on high credit-card fees and other harmful practices might not survive the new administration.
By Erin Lowry
Can Biden’s Green Boom Survive Trump’s Wrecking Ball?
Halting the progress made toward an energy transition is high on the next White House’s agenda.
By Liam Denning
Dollar Dominance Is the Key to US Debt and Deficits
The greenback has seen off plenty of challengers — for good reason. Trump would do well to recognize its huge strategic value.
By Daniel Moss
Watch Hong Kong Tycoons, Luckin Coffee and Vietnam
China’s stock rout and the unwind of yen carry trades made 2024 exciting. Next year could be even more so.
By Shuli Ren
Latin America’s Biggest Problem Is Debt
Brazil’s budget crisis reflects the region’s growing interest payments bill. Governments need to rethink their post-pandemic framework.
By Juan Pablo Spinetto
Asia Is Facing the Most Volatile Year in a Long Time
Things could get very heated, very quickly.
By Karishma Vaswani
European Banking M&A Is Finally Here — Maybe
The stars are finally aligning for finance industry consolidation.
By Paul Davies
Trump Gloom or Green Shoots? Europe’s Year Ahead
Existential risks for the Old Continent abound next year. Time to snap out of complacency.
By Lionel Laurent
All Eyes on Boeing’s Turnaround in 2025
The aircraft maker’s main focus is simple: Ramp up production. Other manufacturing subplots will include tariffs, strikes, taxes and deregulation.
By Thomas Black
The Case for Paranoid Optimism Under Trump 2.0
Memo to Donald Trump and Xi Jinping: When America and China cooperate, people live; when they don’t, people die.
By Andreas Kluth
Technology Will Make the Pace of Change Even Faster
Advances in AI will continue at breakneck speed in 2025, but it’s unclear how much of a difference they’ll make.
By Tyler Cowen
These 3 Books Will Prepare You for 2025’s Top Global Crises
Nonfiction page-turners give insight into Ukraine, the Middle East and cold war with China.
By James Stavridis
Global Democracy Is Proving Stronger Than You Think
Political developments in South Korea, Mexico and India all offered evidence of the tenacity of constitutional governance.
By Noah Feldman
How Has the 21st Century Gone So Wrong?
The first quarter of this century will soon be behind us. The record is grim.
By Adrian Wooldridge
Where Are Stocks and the Economy Going? Watch Bonds
The single best indicator of the direction of the macroeconomy — and, by extension, financial markets — is the term premium.
By Allison Schrager
The Housing Industry Needs a Rate Break in 2025
Lower mortgage rates should get the sector moving again for buyers, sellers and businesses.
By Conor Sen
China’s Decisions Could Swing the Global Climate Scorecard
With political goodwill on clean energy evaporating, a lot is riding on what China — a voracious electricity consumer — does next.
By David Fickling
Prepare for a Bumpy Year in Coffee, Oil and Other Commodities
What I’m watching might give you the jitters.
By Javier Blas
Britain Is Finally Burying Thatcher’s Privatization Legacy
The UK’s souring experience of privatized public services may presage a definitive breach with an epoch-defining policy.
By Matthew Brooker
Is Democracy Dying? These States Will Tell Us
The drama out of DC (and Mar-a-Lago) dominates the headlines. But pay attention to state legislatures in 2025.
By Mary Ellen Klas
A Crypto Optimist’s Guide for 2025
Five technologies that will dictate the future of the industry beyond the Bitcoin hype.
By Aaron Brown
Crypto Bros Need to Temper Their Hopes for 2025
The industry expects Donald Trump to pave its path to world dominance. Europe and Asia have other plans.
By Andy Mukherjee
Chanel, Celine and Fendi Show How Much Luxury Is Hurting
Fashion brands are going through creative directors like football managers. That’s not a good look for the industry.
By Andrea Felsted
AI, Musk and Trump Add Up to a Turbulent 2025 for Tech
Will TikTok survive in the US? Will Wall Street grow impatient with artificial intelligence? Hold on tight.
By Dave Lee
Democrats’ Problem With Big Cities, in Three Charts
Too many of America’s urban spaces lack affordable housing and streets that feel clean and safe. And voters are watching.
By Erika Smith
Here’s Why I’m Optimistic About Climate Financing
We’re about to enter the second half of a crucial decade for action. Money hasn’t often flowed to the biggest problems, but I see reasons to be encouraged.
By Lara Williams
Don’t Believe the Hype on These 3 Workplace Trends
As we head into a new year, beware overblown predictions that don’t reflect reality.
By Sarah Green Carmichael
Japan’s Year of Anime, M&A and Expo
Foreign investors will be examining all kinds of assets in Asia’s second-largest economy, while it’s expected to be another bumper year for animated hits.
By Gearoid Reidy
Stock Bears Are Going Extinct. Time to Worry?
Strategists who got 2023 and 2024 wrong are extrapolating equity market strength into 2025. Recency bias can mislead.
By Jonathan Levin
Politics, Economics and Markets Create a 2025 Three-Body Problem
Buckle up. This year will be a rollercoaster for stocks, bonds, commodities and currencies.
By Marcus Ashworth and Mark Gilbert