1.
expectation, calculation, speculation
One's anticipated outcome or plan for how things will turn out. Often implies a strategic or self-interested calculation.
2.
ulterior motive, hidden agenda
An undisclosed intention or self-serving motive behind an action. Carries a somewhat negative or suspicious nuance.
Usage
A nuanced word that suggests strategic thinking. Sense 1 is neutral — one's plans or expectations. Sense 2 is more negative, implying hidden or selfish motives. Common in political and business reporting.
Pronunciation
The kanji 思惑 is an irregular reading (jukujikun). The standard on'yomi reading しわく exists but is rare.