Credit Rating Outlook 2025

The macroeconomic landscape of 2024 was shaped by the continuation of geopolitical and economic tensions, divergent economic trends, but also the moderation in inflation enabling the start of monetary policy easing in the US and in Europe. The prolonged war in Ukraine, hostilities in the Middle East, and escalating rivalries among major economic blocs not only exacerbated global economic fragmentation but also drove up production costs and disrupted global supply chains.

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