Year in Review: Trump’s Return Brings a New Era of Trade Conflict and Global Disruption

The extent to which the president-elect will shift U.S. foreign and domestic policies will be one of the the most closely watched global issues in 2025

U.S. President-elect Donald Trump arrives at an election night event at the Palm Beach Convention Center in West Palm Beach, Florida on Nov. 6, 2024. Photo: Bloomberg

Last year, more than 70 countries and regions, representing over half of the world’s population, held significant elections. As inflation, cost-of-living crises, and immigration dominated the global political landscape, many long-standing ruling parties in major countries lost power, while right-wing populism has risen again in Europe and the United States.

Major emerging economies

In the spring, Bangladesh, Pakistan and Indonesia — all home to populations of over 170 million — held elections. Indonesia’s new president, Prabowo Subianto, secured victory with the endorsement of former president Joko Widodo, who continued to enjoy public support after a decade in office. Meanwhile, Bangladesh and Pakistan’s leaders faced intense political crises. Bangladesh’s Prime Minister Sheikh Hasina, who had been in power for 15 years, won a fifth term but was forced to step down after mass protests against a controversial civil servant quota system. This created a political vacuum that has yet to be resolved.

In Russia, President Vladimir Putin won another six-year term. The election, held after constitutional amendments, paves the way for Putin to seek reelection again in 2030, potentially extending his reign until 2036. If he makes it that long, he would have been in power for longer than Stalin. However, just a week after Putin’s victory, a major terrorist attack in a Moscow suburb added further psychological strain to Russian society, which has long been affected by its ongoing military operations in Ukraine.