Economic Review 2025 |31 December 2025

Continued recovery in the domestic economy amid evolving global policy landscape

International developments

Global economic activity continued to increase in 2025, albeit at a lower growth rate when compared to the preceding year.  The World Economic Outlook (WEO) published by the International Monetary Fund (IMF) in October 2025 showed that the global economy is expected to expand by 3.2 per cent in 2025 relative to 3.3 per cent in 2024.  This moderation in global economic growth primarily reflected trade tensions and policy uncertainty associated with United States’ announcement of the imposition of tariffs in April 2025, as well as continued geopolitical conflicts. 

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