国际清算银行：2025年度经济报告（英文版）

The soft landing for the global economy that was coming into view suddenly seems more elusive. Long-established trade relationships began to fray as a wave of larger than expected tariff announcements in early April hit the global economy. Growth forecasts were cut, and financial markets were jolted as policy uncertainty surged. Even as some of the initial shock has dissipated, a sense of apprehension hangs in the air. Long-standing economic relationships that have sustained global prosperity