Since our last meeting in April, global economic activity has remained subdued but steady, despite ongoing trade policy headwinds. This resilience partly reflected a frontloading of demand in anticipation of tariffs, which temporarily boosted activity but is unlikely to be sustained. As this effect fades, global growth dynamics are expected to soften further. A predictable and open international economic order remains essential to sustain global trade, investment and shared prosperity. While recent preliminary trade agreements have reduced uncertainty, it remains elevated and may weigh on investment. The full impact ... (full story)