Global growth remains resilient despite a trade war with the US and increased geopolitical conflict
Despite a massive tariff shock initiated by the US in 2025, and a substantial increase in geopolitical uncertainty that looks likely to continue in 2026, global economic activity proved resilient last year. It was supported by front-loaded shipments and inventory accumulation ahead of the tariff increases, further monetary policy easing in most major economies and a large and ongoing investment in Artificial Intelligence (AI).