The new face of the global economy

Which forces are reshaping the global economy?

This selection of  insights sheds light on critical parts of the global economy as a new world order, shaped by geopolitics and new technologies, emerges. Explore thought leadership from the likes of PIMCO, State Street, and BCG.

U.S. Exceptionalism Repriced: The Role of Policy Sensitivity (State Street)

Since April 2025, the U.S. dollar has declined approximately 10-11%, its worst start to a year since 1973.

Lets Get Fiscal – The Need for Stronger U.S. Fiscal Policy (BNP Paribas AM)

The One Big Beautiful Bill Act signed into law by President Trump on 4 July is projected to leave budget deficits around the currently high levels.

EU–U.S. Trade Deal: Reduced Risks, but Still a Headwind for Europe (PIMCO)

The eurozone economy has not shown meaningful signs of slowdown so far this year, with GDP growth averaging more than 1% in annualized terms through the first half of the year.

Why Are EM Investors Removing Their China Exposure? (Marquette Associates)

Recent geopolitical tensions, economic weakness, and regulatory concerns are leading investors to reconsider Chinese equities. What does this mean for the Chinese economy?

Thoughts from the Road: Asia (KKR)

For compliance reasons, this paper is NOT accessible in the United States and Canada

Asian economies continue to evolve in the age of geopolitical conflict. Here are the key forces driving these economies.

Europe’s Next Financial Crisis Could Be the Big One (Chicago Booth)

Europe needs growth. One prerequisite is having a common currency, a central bank, a banking system, and a financial system that do not incentivize fragility.

Monetary Policy and Corporate Productivity in Emerging Markets (ADBI)

This paper examines the impact of monetary policy shocks on firm-level productivity across 32 emerging market economies from 2000 to 2023.

Politics & Policy: Tariffs, Tax Cuts, Fiscal Expansion & Innovation (MUFG)

This detailed chart pack provides key insights into the future of the U.S. economy, considering the major policy events from H1 2025.

How Do Changes in Global Shipping Costs Affect Australian Inflation? (RBA)

Australia’s experience during the Covid-19 pandemic showed that developments in international shipping can have a significant effect on domestic inflation.

The Pulse of Brazilian Farmers (BCG)

Brazilian farmers share common traits but also reflect different backgrounds and approaches, balancing tradition and adaptation in an evolving agricultural landscape.

“Reciprocal” Tariffs: What Are They Really For? (PIIE)

The U.S. administration’s use of bilateral trade deficits as a proxy for unfair foreign trade practices is wrong. Here is why.

Africa-China Linkages: Building Deeper and Broader Connections (IMF)

This report delves into the evolving Africa-China economic relationship, examining its many facets and the potential impact of China’s current trends on Africa’s future.

How Robust Is China’s Energy Security? (CSIS)

Beijing is acutely aware of the importance of energy to China’s economic and national security situation.