1、 2025 WEALTH OUTLOOK growth amid discord:strategies for a“rule-breaking”expansion where wealth happens INVESTMENT PRODUCTS:NOT FDIC INSURED NOT CDIC INSURED NOT GOVERNMENT INSURED NO BANK GUARANTEE MAY LOSE VALUE WEALTH OUTLOOK 2025 foreword Welcome to Wealth Outlook,our semiannual flagship report e

2、xploring key economic and market trends for your portfolio in the coming year and beyond.I am grateful to Steven Wieting,our Chief Economist and Chief Investment Strategist,and the colleagues worldwide who have contributed their insights.We see the global economy as having“broken the rules”in recent

3、 years,given its continued growth despite usually reliable recession signals in the U.S.and elsewhere.Considering the pace of innovation,productivity gains and rising global consumer demand,this resilience came as no surprise to us.We have consistently argued for keeping portfolios fully invested an

4、d positioned for an ongoing rally.While market volatility may pick up,we believe economic growth will be sustained globally in 2025 and 2026.The rollout of artificial intelligence may bring increasing benefits to industries beyond technology.Rising capital spending can help support this“rule-breakin

5、g”expansion and the markets upward path.Naturally,there remain many challenges.The potential for new U.S.tariffs may intensify trade tensions.Discordant politics and geopolitics may persist,with scope for unpredictable developments in the Middle East,Ukraine and elsewhere.Heavy government borrowing

6、in the U.S.and other nations could yet unnerve the bond markets.3 While valuations have risen since 2022s lows,we see potential opportunities across asset classes globally.We believe this calls for a broadening of portfolio horizons,especially for the many investors whose allocations are overly conc