2024 was the year of global elections in which around 3.7 billion people (almost half of World population) had the opportunity to go to polls in 72 countries. Some countries had presidential elections; others had Parliamentary or Legislative elections. Major elections were United States, Russian and Iranian Presidential elections, European and UK Parliamentary elections, and France Legislative elections. These elections will have impact on global and individual countries economic outlook in 2025, especially the US Presidential Elections as the newly elected President Donald Trump signed legislations regarding increase in tariffs on China, Europe, Canada and Mexico, although some of them were postponed for a while.
Global and Regional Economic Situation
The global economy maintained its stability in 2024 in which growth in global Gross Domestic Product (GDP) recorded 3.2% in 2024 compared to 3.3% in 2023. This growth was accompanied with a decrease in inflation rates in most of the advanced countries and led several Central Banks all over the world to cut interest rates. Swiss National Bank led rates cuts in March 21st, 2024 and other Central Banks followed.
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