The global economy is coming off of another year of relatively strong growth in 2024, led by the U.S.

But new and important variables are now in the mix with the election of Donald Trump and the Republican sweep of Congress.

So can the solid performance continue amid the policy shifts ahead and what might be the implications for markets?

I'm Alison Nathan and this is Goldman Sachs exchanges.

Thank you. implications for markets. I'm Allison Nathan, and this is Goldman Sachs Exchanges. In this episode, I'm sitting down with Jan Hotsias, head of Goldman Sachs Research and the firm's

chief economist, and Dominic Wilson, senior advisor in the Global Markets Research Group,

to discuss the economic and market outlook for the year ahead.

Jan and Dom recently published their 2025 Macra Outlook entitled,

Tewan's Probably Trump Tariffs.

Jan, Dom, welcome back to the program.

Nice to be with you.

So, first of all, it's hard to believe a full year has gone by

since we'd all sat down together to discuss the outlook for 2024, but here we are. And Yon,

let me start by saying that when we sat down a year ago, you were forecasting resilient growth

globally and especially in the U.S., as well as continued disinflation in the major economies

that would pave the way for major central banks to start cutting rates.

And all of that is generally played out.

But meaningful U.S. economic policy shifts are likely ahead with the election of Donald Trump

and a Republican sweep.

So in your base case, is the trend of solid growth set to continue?

Yes, we think so.

We expect another year of above trend

...