Perspectives Economics provides monthly updates from our research team, offering comprehensive analysis of global economic trends, policy developments, and macroeconomic indicators.
Outlook economics November/December 2026
Key findings
- USA: Growth is being driven not only by AI but is becoming increasingly broad-based
- Germany: Robust growth despite a difficult situation
- France: Rising interest rates are impacting the private sector
- Switzerland: Appreciation of the franc is slowing imported inflation
- United Kingdom: No surprises in autumn budget, growth remains robust for the time being
- China: New infrastructure programme helps revive subdued investment activity
Chart of the month
Rising concerns about France's fiscal outlook have pushed government bond yields higher, with France now paying 5% interest on a 10-year bond. This also impacts the financing costs for private-sector borrowers. There is currently no plausible scenario in which France’s sovereign debt ratio will fall below its current level of 116% of gross domestic product over the next three years. Despite higher borrowing costs, France continues to enjoy strong investor demand, with its latest government bond issuance oversubscribed twofold.
Videopodcast: The Chief Economist
Understanding the economy can be challenging. In this monthly video podcast, Chief Economist Marc Brütsch explains economic relationships, puts current developments into context and makes business cycle trends easy to understand.
