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The Global Economy Must Adapt to Avoid Tumult This Year

By Ilene
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By Mohamed A. El-Erian, NY Times 

Mr. El-Erian is a professor at the Wharton School of the University of Pennsylvania and the chief economic adviser at Allianz.

The global economy faced many hurdles in 2025. The U.S. government upended longstanding economic wisdom in a manner many economists feared would harm both the American economy and those of other countries. International institutions were sidelined, tariffs levied, the independence of the Federal Reserve questioned — all while debt continued to rise.

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