Perspectives Economics provides monthly updates from our research team, offering comprehensive analysis of global economic trends, policy developments, and macroeconomic indicators.
Outlook economics April 2025
Key findings
- USA: Subdued outlook for US private consumption is lowering our growth expectations for 2025
- Germany: Fiscal turnaround lays the foundation for medium and long-term revival of growth
- China: US tariffs to weigh on exports, stronger-than-expected fiscal stimulus supports the domestic economy
Chart of the month
Unlike Europe, where the energy crisis led to unprecedented uncertainty, US companies faced a stable environment, which supported the economic boom under Joe Biden. Bygone days. The back and forth of tariff policy and the debates that are emerging concerning the “Mar-a-Lago Accord” to bring about a coordinated depreciation of the US dollar with very problematic means, have significantly increased economic policy uncertainty under Donald Trump. In Europe, on the other hand, uncertainty is likely to decline further from the current high level thanks to Germany’s longterm fiscal package.
