Business Research & Insights

A soggy start to 2025

A private sector improvement to support growth

A tariff reprieve, but a weaker starting point

We forecast the global economy to grow by 2.9% in both 2025 and 2026 (previously 2¾% in both years).

Tariff pause gives China’s economy some breathing space, but longer-term uncertainty persists

In a challenging year for many SMEs, cashflow and profitability have become more pressing concerns. But businesses are becoming increasingly resilient.

US-China Tariff agreement – eases tariff growth headwind, delays Fed cuts

Total spending rose 0.1% in April

Capacity utilisation and capex decline

Housing market sentiment rallied as national housing price growth accelerated in the March quarter.

Growth slowing, but less abruptly than Q1 GDP suggests

Economic and financial market update