2025 Global Risk Report: High Tides of Ambition and Undertows of Risk

Global markets are navigating a complex mix of technological shifts, energy challenges, and geopolitical pressures.
 
In PGIM's fourth-annual Global Risk Report, we examine three risks that could alter the trajectory for interest rates, inflation, business investment, and the broader investment backdrop:

• Does the AI-fueled spending splurge on digital infrastructure leave markets and economic growth vulnerable to obsolescence risk?
• Will the rapid buildout in energy infrastructure lead to structurally higher energy costs, dampening consumer and business spending?
• Could industrial overcapacity in China emerge as a deflationary force?

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