World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.
Following are forecasts from some top banks on economic growth, inflation and the performance of major asset classes in 2025:
Forecasts for stocks, currencies and bonds:
Brokerage S&P 500 US 10-year EUR/USD USD/JPY USD/CNY
target yield target
UBS Global 6400 3.80 1.04 157.0 7.60
Research
Goldman Sachs 6500 (next 4.25%(next 1.03(next 159(next 7.50(next
12-months) 12-months) 12-months 12-months 12-months)
) )
Nomura 135 6.93
Barclays (LON:BARC)
Morgan Stanley (NYSE:MS) 6500
J.P.Morgan 4.10 (Q3’25)
U.S. Inflation:
U.S. inflation (annual Y/Y for 2025)
Brokerage Headline CPI Core PCE
Goldman Sachs 2.5% 2.4%
J.P.Morgan 2.4% 2.3%
Morgan Stanley 2.3% 2.5% (4Q/4Q)
Barclays 2.3% 2.5%
Real GDP Growth:
Real GDP growth forecasts for 2025
Brokerage GLOBAL U.S. CHINA EURO AREA UK INDIA
UBS Global 2.9% 1.9% 4.0% 0.9% 1.5% 6.3% (for
Research FY 26)
Goldman Sachs 2.7% 2.5% 4.5% 0.8% 1.3% 6.3%
Barclays 3.0% 2.1% 4% 0.7% 1.2% 7.2%
Morgan Stanley 3.0% 2.1% 4.0% 1.0% 1.4% 6.5%
(FY25/FY2
6)
J.P.Morgan 2.4% 2.2% 3.9% 0.8% 1.0% 6.0%
Citigroup (NYSE:C) 1.1% 1.0%
Nomura 4.0% 6.9%
Source: Economy - investing.com
