What is Economics?
Economics is the study of how individuals, businesses, governments and societies allocate scarce resources to meet their needs and desires. It examines decision-making processes, incentives and trade-offs, helping us understand economic systems, wealth distribution and financial markets. Economics encompasses both microeconomics, which focuses on individual behaviour and markets, and macroeconomics, which analyses broader economic trends such as inflation, unemployment and economic growth. It provides insights into historical trends, policy-making and future predictions, shaping strategies for stability and development. By studying economics, we gain tools to improve efficiency, foster prosperity and navigate complex financial and social challenges.
Sources: American Economic Association & The University of Edinburgh
What are the Greatest Economic Challenges of 2025?
Several major economic factors are shaping the global outlook for 2025, with significant challenges ahead for businesses and policymakers.
- Donald Trump's Tariffs on China - In 2025, Donald Trump originally imposed a 10% tariff on all Chinese goods, majorly targeting issues like fentanyl and trade imbalances. Over time, these tariffs escalated significantly, peaking at 145% on Chinese imports. Following a brief truce, Trump reduced US tariffs on Chinese goods to 30%, while China lowered them to 10%.
- Donald Trump's "Liberation Day" Tariffs - On the 2nd of April 2025, Donald Trump imposed a 10% tariff on all imported goods, sparking global market turmoil. European and Asian stock indexes fell sharply in response to the sweeping policy. On the 8th of May, the US and the UK reached a historic trade deal. The deal promises to lower car tariffs to 10% for 100,000 UK vehicles, remove steel and aluminium tariffs, whilst adding quotas and leaving key industries facing uncertainty over future export limits.
- Weaker Global Economic Conditions - According to a survey of leading chief economists, 56% expect weaker global economic conditions in 2025, compared to just 17% anticipating improvement. This uncertainty is driven by factors such as geopolitical instability, inflationary pressures and sluggish post-pandemic recovery in key markets. Businesses may need to adopt cautious spending, improve efficiency and diversify supply chains to navigate this downturn.
- Rising Interest Rates from the Bank of England - The Bank of England’s interest rate currently stands at 4.5%, with the potential for further increases to combat inflation. Higher interest rates mean increased borrowing costs for businesses and consumers, potentially slowing investment, reducing disposable income and dampening economic growth. Companies relying on credit or facing debt refinancing will need to adjust their financial strategies accordingly.
Sources: Atlantic Council, World Economic Forum, Bank of England, Euro News, BBC News & Reuters
Understanding economics is crucial for businesses, policymakers and individuals navigating a rapidly changing world. Economic trends influence inflation, interest rates, supply chains and global markets, impacting decision-making at every level. Keynote speakers on economics provide valuable insights into these complex dynamics, helping businesses anticipate emerging market shifts, mitigate risks and seize opportunities.
The expertise of an economics speaker offers clarity on global financial trends, investment strategies and economic policies, making them essential for corporate events and conferences. By translating economic concepts into actionable strategies, these speakers empower audiences to make informed decisions, drive growth and adapt to an evolving economic landscape with confidence. For expert guidance on who the best economic experts are to hire for events, read Champions Speakers' Director, Jack Hayes, take on the 20 World Leading Macroeconomist Keynote Speakers to Hire!
If you want to hire an economics speaker, contact Champions Speakers today! Call one of our dedicated booking agents on 0207 1010 553 or complete our online contact form to begin the booking process.
