Allianz安联：夏日忧思：2025-26年年中全球经济展望报告（英文版）

“Under Pressure”: Global growth will remain under pressure at +2.5% in 2025, the slowest since 2008 outside of recession periods. The US forecast has been upgraded by +0.8pp to +1.6% in 2025-26 due to the lower effective tariffs. The Eurozone should see growth at +1.2%, largely driven by smaller economies, while Germany is projected to see +1% growth only in 2026 after +0.1% in 2025. Emerging markets show mixed results, some benefiting from FX appreciation and increased investment flows, with