The year 2024 saw a widening dispersion between economics, national politics, and global geopolitics, posing risks to global growth. Geopolitically, Russia gained an advantage in the Ukraine war, and the Israel-Hamas conflict resulted in widespread suffering and destruction. Domestic politics also saw upheaval, with collapsed governments in France and Germany, and the US preparing for a political transition. Macroeconomically, Europe's malaise deepened, and China failed to respond to economic challenges. However, the US economy performed exceptionally well, attracting foreign capital and outperforming other major economies. The US Federal Reserve signaled fewer interest rate cuts in 2025. Political and geopolitical upheaval pose risks to US economic exceptionalism, and global economic fragmentation will continue.