As we celebrate a year of Sound Economies with Mel & Peter, we look back at the megatrends we saw in early 2025 and evaluate how these have developed. We also identify some wildcards, such as the swift rebalancing of trade and investment flows away from the US and a worsening middle-income squeeze that has triggered protests worldwide. Finally, we take a view of the road ahead and share the trends we expect to continue into 2026.