Amelia Pérez Zabaleta, dean of the Madrid economists’ association, describes the current state of the global economy in 2025 as one of moderate growth but marked by deep uncertainty. This uncertainty has become the main economic issue, surpassing even the effects of the COVID pandemic or the Ukraine war, fueled by U.S. economic policies and global geopolitical tensions. Pérez highlights India and Brazil as potential beneficiaries of the global economic reordering. She also warns about the conflict between U.S. fiscal policy and the Federal Reserve’s cautious stance on inflation.
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