The year 2024 brought significant shifts in the global economy, with the aftermath of the COVID-19 pandemic still shaping financial landscapes. Over 2 billion people participated in elections worldwide, and economic challenges, especially rising living costs, dominated public discourse.

Meanwhile, governments tackled emerging technologies, trade dynamics shifted, and cryptocurrency made a remarkable comeback.

The Trump Era and Trade Policies

Donald Trump’s return to the White House has reignited debates over trade policies. With promises of steep tariffs, including a 60% levy on Chinese imports and a 20% blanket tariff on other goods, Trump signaled an aggressive protectionist stance.

His threats to impose a 25% tariff on Canada and Mexico have raised concerns about the future of their trilateral free trade agreement. Economists warn that these measures could inflate everyday costs in the U.S. and disrupt global supply chains.

Adding to the tension, Trump’s warnings to BRICS nations about launching a currency to rival the U.S. dollar have escalated fears of economic retaliation.

A potential 100% tariff on BRICS countries highlights the administration’s focus on preserving dollar dominance in global markets.

Regulating Big Tech and AI

Efforts to regulate technology saw unprecedented momentum in 2024. In the European Union, the Digital Services Act and Digital Markets Act took effect, setting new standards for online platforms.

The groundbreaking AI Act, introduced in March, categorized AI applications by risk levels and imposed specific regulations. However, global consensus on AI governance remains elusive, with critics calling for stronger international cooperation.

Other nations also made headlines. Brazil challenged Elon Musk over misinformation on X (formerly Twitter), leading to court-ordered fines and suspensions.

Australia introduced a ban on social media use for children under 16, sparking debates on free speech and youth mental health. Meanwhile, the UK’s Online Safety Act, set to roll out in 2025, raised concerns about encryption and privacy.

Social Media Fragmentation

Social media platforms saw increasing ideological divides. Elon Musk’s X shifted to favor conservative narratives, boosting Republican voices and Trump’s Truth Social.

Liberal users migrated to platforms like Blue Sky, which saw a surge in users post-election. TikTok’s uncertain fate in the U.S. also captured attention, with Trump’s vague promise to “save” the platform leaving questions unanswered.

Voter Discontent and Economic Pressures

The cost of living crisis played a pivotal role in elections worldwide. In over 60 countries, economic struggles led to significant losses for incumbents.

Nations like the UK, South Africa, and Japan witnessed voter backlash, while Ireland’s Fine Gael and Fianna Fail managed to secure coalition talks amid the global anti-establishment wave.

In the U.S., Trump’s victory was largely attributed to frustrations over inflation during Joe Biden’s presidency.

Oligarch Influence Expands

Business magnates strengthened their influence in 2024, particularly in the U.S., where Trump appointed Elon Musk and other billionaires to key government positions.

Musk’s leadership in the “Department of Government Efficiency” underscores this trend, as he aims to cut bureaucratic “waste.” Globally, the indictment of Indian billionaire Gautam Adani highlighted the interplay of politics and corporate power, with allegations of bribery drawing attention to India’s economic policies.

Bitcoin’s Resurgence

Cryptocurrency enthusiasts celebrated Bitcoin’s dramatic recovery in 2024. Following a challenging period, the digital currency regained investor confidence, reflecting broader optimism in decentralized finance.

Its resurgence underscores a growing shift in global financial systems as more individuals and institutions embrace blockchain technology.

Looking Ahead

As 2025 approaches, the global economy remains at a crossroads. With technological advancements, shifting trade dynamics, and evolving political landscapes, governments and businesses alike face the challenge of adapting to an unpredictable future.