Global economic prospects remain modest as persistent geopolitical tensions and trade policy uncertainty dampen economic activity. The International Monetary Fund, in its October 2025 World Economic Outlook, projected world output to expand by 3.2 per cent in 2025, marginally down from 3.3 per cent in 2024. Economic growth in the United States (US) has shown durability, despite challenges in the labour market and above-target inflation. On the other hand, other major economies are experiencing softer economic growth combined with stubbornly elevated inflation.