国际清算银行：2025年对日益不确定的全球格局的投资（英文版）

Business fixed investment relative to GDP has long been stagnant or falling in many advanced economies (AEs) and, after decades of growth, has recently plateaued in emerging market economies (EMEs). The imposition of broad-based tariffs by the US administration and the resulting sharp increase in policy uncertainty risk exacerbate these trends in the near term, dampening investment and output. Higher uncertainty also tends to undermine the effectiveness of monetary policy, potentially amplifying