Inflation eased in most global economies in 2024, but voters remained unconvinced. Years of soaring prices for essentials, from eggs to energy, fueled widespread frustration, leading to the downfall of incumbent parties across the world. The lingering pain of inflation made governments an easy target at the ballot box.
In the United States, economic grievances helped Donald Trump secure a dramatic return to the White House, four years after losing his first reelection bid and falsely claiming voter fraud. His supporters, who infamously stormed the U.S. Capitol on January 6, 2021, turned to the polls this time, delivering a leadership shift poised to challenge democratic norms domestically and U.S. alliances abroad.
Anti-incumbent sentiment reshaped governments in Britain, Botswana, Portugal, and Panama, while South Korean voters handed parliament to the opposition. A power struggle ensued, with President Yoon Suk Yeol briefly imposing martial law, only for the National Assembly to reverse it. Elections also brought upheaval to France, Germany, Japan, and India.
One exception to the global wave of change: Russia. Vladimir Putin secured reelection with 88% of the vote, a record in post-Soviet history. Moscow continued its war in Ukraine, making territorial gains that raised new geopolitical stakes. Trump’s promise to end the conflict “in a day” has sparked fears in Ukraine and Europe that his administration might favor freezing the status quo in Russia’s favor.
In the Middle East, Israel’s conflict in Gaza escalated into Lebanon, leaving Iran-backed Hezbollah weakened. Meanwhile, in Syria, a coalition of rebel groups ousted Bashar al-Assad, sparking new efforts to stabilize the nation.
Artificial intelligence defined the business world in 2024, forcing companies to adapt at breakneck speed. Technology’s dominance in global markets was underscored by the “Magnificent Seven” tech firms, which now account for over one-third of the S&P 500’s market capitalization.
Elon Musk, CEO of Tesla—one of the “Magnificent Seven”—played a prominent role as an adviser and financial backer to President-elect Trump. This alliance of technological prowess and political power could shape the contours of 2025 and beyond.
Bd-pratidin English/ Jisan
