US President-elect Donald Trump and his aide, Tesla and SpaceX CEO Elon Musk, are ready to fight for the prosperity of the American economy. Full of enthusiasm, they are determined to tackle the nation’s economic challenges head-on. Well, let's see what the coming year has in store for America!

According to Morgan Stanley CEO Ted Pick, two major risks are currently dominating the global economy. One of them concerns the implementation of the budget under the new Trump administration, and the other relates to geopolitical issues.

He believes that there are risks to budget execution under the new White House administration. The United States faces a significant budget deficit on top of a massive national debt, the entrepreneur noted, adding that a major challenge for the US economy in 2025 could be a slowdown in economic growth amid rising inflation, potentially leading to stagflation. In such a scenario, the Federal Reserve will need to "act wisely and cautiously" while assessing the real rate of inflation, Morgan Stanley’s CEO said.

In his view, the new White House administration is well aware of the economic challenges and will take them into account when planning the budget.

Notably, in mid-November 2024, the US national debt surpassed $36 trillion for the first time in history. Earlier, in June, the International Monetary Fund urged the government to take urgent and effective measures to address the ballooning national debt. Preliminary estimates suggest that it could reach a staggering 140% of GDP by 2032. The IMF believes that the massive budget deficit and debt burden pose a serious threat to the global economy. Against this backdrop, the IMF declared the situation critical and called for "urgent resolution" of the issue.