Against a backdrop of global growth that has been surprisingly resilient, Western European economies are showing resilience, albeit at varying rates. The economies at the core of the Eurozone, particularly Germany, are showing sluggish growth at best, while the Iberian economies are being buoyed by strong private consumption and investment, the latter supported by funds from the European Recovery and...

The past quarter has contributed to heighten uncertainty over the growth trajectories of the major economies, which are facing a global shock to confidence and a reorganisation of their relative competitiveness. The American exceptionalism of growth that has long been above potential, even under the influence of a restrictive monetary policy, has been called into question by the new trade policy, which...

The Italian economy proved resilient in 2024 in an already unpromising international environment, with better-than-expected growth of 0.7%. But in early 2025 the economic outlook is sending out more mixed signals. Consumer and business confidence is weakening and uncertainties are mounting, with persistent geopolitical tensions and threats of tariff hikes from the United States. All of which puts the...