War or peace; bulls or bears; populism or technocracy? Will Donald Trump transform the world (for better or worse)? Is artificial intelligence a bust or will we welcome our new AI overlords? And could Ozempic destroy the economy?

In Watchlist 2025: The World at a Crossroads, we consider two sharply diverging paths for the world next year and beyond. These scenarios are intended as an analytic tool to help us appreciate the stakes of the current moment – and to more precisely consider our risks and opportunities.

We hope you enjoy reading it as much as we enjoyed writing it.