Global macro outcomes remain stronger than expected as we head into 2026, reflecting modest U.S. tariff impacts so far and some propitiously timed tailwinds. An AI related investment boom in the U.S. is moving the macro needle there but masking general economic softness, as well as boosting tech exports in other economies. We have once again raised our GDP growth forecasts for most countries, reflecting the recent pattern of positive revisions along with modestly better prospects ahead. […]