Investments 2025. Management’s guidance for total sales growth of 3% to 5% for 2025 also looks too conservative, with upside coming from accelerating us spending on factories and infrastructure projects. With many of 2024’s policy uncertainties largely resolved, we foresee a return to a focus on fundamentals in 2025:

Our 2025 outlook shares our views on the pace of economic growth, the path of monetary policy and five key themes shaping investment opportunities. It’s hard to tell what lies ahead.