桑坦德资产管理：2026年全球市场展望报告：迈向新高度（英文版）

Looking ahead to 2026, we want to highlight the resilience of the global economy. Facing, in succession, an unprecedented health shock, an inflationary shock -which in many economies reached levels unseen since the 1970s- and a tariff shock that called into question the future of global trade has been no easy task, yet the global cycle continues to show a remarkable capacity to expand. This resilience confirms that the global cycle not only endures but evolves. In particular, this year’s AI i