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BKR Macro Scope World Economy-July 2025 (PDF)

Global uncertainty surged in 2Q 2025 as the U.S. enacted its highest trade tariffs since the 1930s and the dollar sharply depreciated, signaling a shift in economic trust. World economy grew last quarter by the weakest pace since 4Q 2023 (according to the PMI Composite Indicator), amid trade tensions, high real financing costs, and persistent geopolitical tensions.