(Reuters): 2024 saw a drop in inflation in several countries, but citizens were still unhappy and largely blamed the incumbent parties for recent expense rises. Voters continued to voice their discontent through elections, and the pain from previous price rises remained, particularly for essentials like eggs and energy, even after inflation began to drop.

A major factor in Donald Trump's victory for a second term as president of the United States was inflation. Four years later, this victory followed his first defeat and his baseless charges of electoral fraud. His supporters' failed attempt to reverse the election results, the Capitol riot on January 6, was a crucial event during this chaotic period.

This year, Trump’s supporters voiced their frustration at the ballot box, bringing him back to power with a leadership that could challenge both domestic democratic institutions and international relations. The widespread anger at inflation also led to new governments in other nations like Britain, Botswana, Portugal, and Panama, highlighting a global wave of anti-incumbent sentiment.

Voters in South Korea revolted against the ruling party, allowing the opposition to take control of the parliament and act as a check on the authority of President Yoon Suk Yeol. However, the National Assembly swiftly overturned President Yoon's decision to implement martial law in December, demonstrating a check on executive power.

Significant upheaval was also brought about by European elections, with notable changes occurring in France, Germany, Japan, and India. These nations' election results reflected a larger trend of dissatisfaction with the current quo, especially in light of inflation and economic difficulties.

In Russia, no such shift occurred. President Vladimir Putin achieved a new record for Russia in the post-Soviet era when he was re-elected with an overwhelming 88% of the vote. Since many fear that Trump's potential return to power would mean endorsing Putin, the consequences of this scenario are still uncertain. In the meantime, Russia gained some land in its ongoing conflict with Ukraine.

Hezbollah, which is supported by Iran, was weakened by Israel's ongoing assault against Gaza, which extended to Lebanon in the Middle East. When a coalition of rebel groups overthrew Bashar al-Assad and began to take over the country, Syria saw a significant shift in regional power dynamics.

In the global business environment, companies have to adapt to the rapid advancement of artificial intelligence. The dominance of tech giants is evident in the fact that seven major companies, referred to as the "Magnificent Seven," currently hold almost one-third of the market capitalization of the S&P 500.

As a financial supporter and advisor to President-elect Trump, Elon Musk, the CEO of Tesla, one of these tech giants, continues to have an impact on politics. The combination of Musk's tech-driven influence and Trump's political clout is expected to impact 2025, with both sectors likely engaging significantly.