The global economy has largely stabilised after the turbulence of the pandemic years, but growth remains subdued. The International Monetary Fund (IMF) expects world output growth to slow from 3.3% in 2024 to 2.8% in 2025, mainly due to trade tensions, high interest rates, and weak consumer demand in major economies. While inflation is easing globally, lingering uncertainties around tariffs and slower-than-expected recoveries in large economies like the United States (US), China and the euro area continue to dampen confidence and investor sentiment.