In 2024, inflation eased in most global economies, yet voters remained unsatisfied. The sharp rise in prices—from eggs to energy—over recent years fueled widespread anger, prompting voters to punish incumbent parties at every turn. Despite inflation's decline, the economic pain endured, and ruling parties faced the consequences in election after election.

In the U.S., the strain of rising costs contributed to Donald Trump's return to the presidency, four years after his ousting and his unfounded claims of election fraud. Although his supporters failed to overturn his loss by storming the Capitol in January 2021, they voiced their frustrations at the polls, leading to a shift in American leadership that may challenge both domestic democratic norms and international relations.

The inflation-driven wave of anti-incumbent sentiment also swept new governments into power in places like the UK, Botswana, Portugal, and Panama. In South Korea, the opposition gained control of parliament, providing a check on President Yoon Suk Yeol's authority. In early December, Yoon's imposition of martial law was swiftly overturned by the National Assembly. Elections in France, Germany, Japan, and India also brought political shifts.

However, Russia stood as an exception. Vladimir Putin was re-elected with an overwhelming 88% of the vote, a post-Soviet record. Moscow's war against Ukraine continued, with significant territorial gains, and many are now questioning how Trump’s potential return to the White House might affect the conflict. His promise to end the war in a day raises concerns that it could mean aligning with Putin and cementing the current situation.

In the Middle East, Israel expanded its war against Gaza into Lebanon, leaving Hezbollah, backed by Iran, in disarray. Meanwhile, in Syria, a coalition of rebel groups successfully toppled Bashar al-Assad and now seeks control over the country.

In the business world, companies faced the challenge of adapting to artificial intelligence. The dominance of tech firms was evident, with the "Magnificent Seven"—seven major tech companies—accounting for more than a third of the S&P 500’s market value. Elon Musk, head of one of these companies, Tesla, became an adviser and financial backer to President-elect Trump. The merging of Musk’s tech influence and political clout could significantly shape the events of 2025.