ECONOMIC OUTLOOK
FIGURE 2A: BUSINESS CONFIDENCE
50
The global economy entered 2025 in comparatively healthy form, with several green shoots emerging. Inflation was under control and central banks across the world had started to pivot from restrictive monetary policy to a more accommodative stance through interest cuts. At the same time, businesses were increasingly optimistic on the outlook and consumer sentiment had started to improve. The hard shift in economic policy announced by the Trump administration in early April, marked by the imposition of tariffs on all of the U.S.’ global trading partners, triggered unprecedented levels of economic uncertainty and a sharp decline in confidence. Given the widespread nature of the tariff announcements, all economies have been impacted—whether they run a trade surplus with the U.S. or not.
40
1st Nov 2024
30
20
10
25th April 2025
0
-10
-20
-30
-40
-50
Source: OECD
26
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
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