In a Nutshell Economic Outlook Macro risk shifts from “no growth engine” to “one over‑crowded engine”: policy, regulation, and capital‑allocation decisions around AI will shape both regional performance and the balance between real‑economy gains and financial‑market…

Executive summary The first half of 2025 was marked by significant market volatility, driven by heightened policy uncertainty and geopolitical tensions. The fear index reached its third-highest level on record! During this period, European and emerging market (EM)…