Production growth and decreasing food prices, but downside risks remain

The global economy continues to show resilience, with inflation rates declining without causing a recession. However, potential import tariffs from the new US administration could pose a risk to future global growth. We currently project GDP growth of 2.8% for 2025 and 2.9% for 2026.

The world's economic powerhouse is coping with ageing and a worsening global trade environment.

Contractions continue in Europe and the US, but a 2025 rebound is on the cards