1、BlackRock InvestmentInstitute2025 Midyear GlobalOutlookGetting a grip on uncertaintyFOR PUBLIC DISTRIBUTION IN THE U.S.,CANADA,LATIN AMERICA,AUSTRIA,GERMANY,FRANCE,ITALY,LIECHTENSTEIN,IRELAND,SPAIN,PORTUGUAL,BELGIUM,UK,LUXEMBOURG,SWITZERLAND,NETHERLANDS,NORWAY,FINLAND,SWEDEN,DENMARK,ISRAEL,SOUTH AFR

2、ICA,HONG KONG,SINGAPORE AND AUSTRALIA.FOR INSTITUTIONAL,PROFESSIONAL,QUALIFIED INVESTORS AND QUALIFIED CLIENTS IN OTHER PERMITTED COUNTRIES.BIIM0725U/M-4627461-1/1822025 Midyear Global OutlookIntroductionTwice a year,BlackRocks senior portfolio managers and investment executives gather for two days

3、to debate the outlook for the global economy and markets and its implications for portfolios.Since the previous Forum in November,we have met even more frequently to take stock of this years policy shifts driving financial market volatility and elevated uncertainty.The Global Outlook is the culminat

4、ion of that debate and discussion at our latest Forum and informs our macro framing:We have long argued this is a world being shaped by supply and undergoing a transformation driven by mega forces,or structural changes driving returns now and in the future.We evolve that by describing how we see the

5、 world losing long-term macro anchors that have underpinned investment processes for decades.Our three themes spell out the investment implications of this.Investing for the here and now is about how we can have more certainty about the near term than long term and why we stay pro-risk.Taking risk w

6、ith no macro anchor highlights how macro risk needs to be managed in this environment yet it is one of ample alpha opportunities.And finding anchors in mega forces highlights the important role of mega forces,such as artificial intelligence,in shaping growth trajectories and serving as a durable ret