大华银行（UOB）：2025年市场展望报告-在动态环境中把握市场趋势（英文版）

Over the past year, the global economy has been gradually slowing, yet remains resilient because of a robust labour market. This trend of gradually slowing global growth is likely to continue although the downside risk will increase if global trade tensions escalate significantly. Heading into 2025, there has been a divergence within developed market economies where the manufacturing sector has been sluggish but overall growth has been supported by strong services activity. The global economi