Global Investment Outlook Summer 2025

This document is a report titled 'Global Investment Outlook Summer 2025' produced by the RBC GAM Investment Strategy Committee. It provides a detailed global investment forecast for the upcoming year, focusing on economic and capital market conditions. The report outlines the Committee's assessment of fiscal and monetary conditions, projected economic growth, inflation rates, and the expected trajectory of interest rates, currencies, corporate profits, and stock prices. It details the recommended asset mix for portfolios, including the optimal term structure for fixed income investments and the suggested sector and geographic allocations within equity portfolios. The report also discusses the anticipated impact of tariffs on economic growth and inflation, forecasting modest GDP growth and inflation rates for 2025. Additionally, it examines the performance of the U.S. dollar and its implications for foreign-exchange markets, as well as the cautious approach of central banks in response to economic uncertainties. Results from the Committee's deliberations are published quarterly.