7Chief Economists Outlook Volatility weighs on the economic outlook The global economic outlook has darkened since the start of the year. Worsening geopolitical tensions and rising economic nationalism threatened in April to escalate into a global trade war, and despite a subsequent pause in economic hostilities, the situation remains fraught with risks. Unprecedented levels of uncertainty threaten to cause significant economic damage through increased policy coordination risks, stalled decision-making and the disruption of global value chains.1 The World Economic Forum’s latest survey of chief economists was conducted in the first half of April, when trade-related uncertainty was particularly high. The unanimous view of respondents was that global economic prospects are set to weaken considerably this year, a significantly gloomier outlook compared to the previous survey in November 2024. Moreover, 79% of chief economists surveyed (up from 61% in November) see current developments as part of a long-term shift in the global economy, rather than a short-term disruption.1. A world transformed 3961Share of respondents (%)100 50 0 50 100 Aug 23 Nov 23 Apr 24 Aug 24 Nov 24 Apr 25Much weakerSomewhat weakerUnchangedSomewhat strongerMuch stronger 562817 37549 174141 3532023 4572118 Chief Economists Surveys Note: Chief Economists Surveys are conducted 7-8 weeks ahead of the launch of a new Chief Economists Outlook. In May’s edition, chief economists take a look at the remainder of the year. In other editions, the outlook for the year ahead is given. The numbers in the graphs may not add up to 100% because figures have been rounded up/down. Source: Chief Economists Survey. (2025, April). 1 The Economist. (2025a).Figure 1. The global economic outlook Looking ahead, what are your expectations for the future condition of the global economy?

Chief Economists Outlook May 2025