三菱日联银行（MUFG）：2025年第三季度全球经济展望报告（英文版）

Trump’s second term as US president has started with a sudden shift in trade policy and the weakening of the transatlantic alliance. Global geopolitical risks have risen sharply and are set to remain elevated. Looking through the noise, however, we continue to highlight that macro fundamentals remain relatively firm. From a global perspective, the post-pandemic normalization of interest rates, inflation and growth is broadly continuing. Lower borrowing costs and recovering real income are lik