As 2025 draws to a close, the global economy feels caught between relief and unease. Inflation has eased but not fully retreated, monetary-policy cycles are pulling in different directions, markets are oscillating between AI-driven enthusiasm and valuation nerves, and geopolitical tensions are pressing harder on trade, energy and investment flows. 
 
Against this backdrop, we discuss twelve themes that set out the forces most likely to shape the macro, market and policy landscape in 2026. They range from the pivotal questions around whether AI will deliver visible productivity gains, how far the AI narrative can continue to support markets, and how policymakers will manage an unusually uncertain interest-rate outlook, to the broader pressures created by fiscal strains, climate stress, shifting trade patterns, geopolitical fragmentation, political transitions, and demographic change.

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