In 2025, the global economy enters a qualitatively new stage of its development, which the International Monetary Fund (IMF) characterizes as a “new era”. This period is marked by unprecedented levels of uncertainty, with economic trajectories becoming increasingly intertwined with geopolitical dynamics and fundamental shifts in international politics. Investors will have to navigate a complex landscape, balancing the risks generated by growing geopolitical fragmentation with the opportunities created by structural economic transformations and technological breakthroughs. As Deloitte analysts note, numerous elections around the world and subsequent changes in policy courses in leading countries could have a significant impact on inflation expectations, borrowing costs, exchange rates, as well as global trade and capital flows.