Flux Publicationshttps://economic-research.bnpparibas.com/html/en-US/Emerging-Economies-weathering-energy-shock-well-7/24/2026,53682Emerging CountriesEmerging EconomiesFinancial markets and investmentsMonetary policyEconomic growthInflationEnergyEmerging economies have so far withstood the energy shock caused by the conflict in the Middle East better than expected. The surge in oil, gas and energy-related input prices was rapid, but less inflationary than in 2022. While monetary policy easing cycles have been interrupted in many countries, most central banks have been able to keep their policy rates unchanged since last February. Emerging financial markets have not faced a widespread loss of confidence, while macroeconomic buffers are stronger than in the summer of 2022, helping to absorb the rise in energy costs.Fri, 24 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Editorial-Emerging-economies-energy-shock-derailing-growth-driven-AI-boom-7/20/2026,53650christine.peltier@bnpparibas.comEmerging CountriesEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceDespite the war in Iran, the closure of the Strait of Hormuz and the temporary surge in energy prices, emerging economies have so far avoided a crisis scenario. Their growth is slowing marginally, inflation remains contained in most countries and financial markets have not collapsed. The most powerful growth engine is coming from Asia: global demand for chips, data centers and electronic goods linked to artificial intelligence is offsetting part of the oil shock and reshaping the external balances of several emerging countries.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Emerging-countries-Consequences-energy-shock-7/20/2026,53673Emerging CountriesEmerging EconomiesEnergyThe impact of the energy shock on the economic variables of emerging countries.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Emerging-countries-Main-indicators-7/20/2026,53651Emerging CountriesEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceKey indicators for emerging countries: Real GDP, inflation, credit, current account balance, fiscal balance, public debt.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Emerging-countries-Regional-overviews-13-July-2026-7/20/2026,53649Emerging CountriesEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligencePanoramas as of 13 July 2026: a severe shock with varying effects in the North Africa/Middle East region; heightened fragilities in Sub-Saharan Africa; Latin America less exposed to the energy shock; Asia with strengths to face the energy crisis.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/China-Strengths-imbalances-7/20/2026,53652christine.peltier@bnpparibas.comChinaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceChina’s economic growth continues to be characterised by a significant disparity between the robust performance of the export sector and the fragility of sectors that rely on domestic demand. This gap has even widened this year, fuelling concerns about China’s growth model and its imbalances with its trade partners. In recent months, China has once again demonstrated its resilience to external shocks. The impact of the energy crisis caused by the war in Iran on economic activity and inflation has been limited. Furthermore, exports have benefited from the surge in global demand for goods linked to AI and green technologies. This momentum is expected to continue in the short term.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/South-Korea-energy-shock-AI-boom-growth-finding-balance-7/20/2026,53653helene.drouot@bnpparibas.comSouth KoreaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceSouth Korea is one of the countries most exposed to the global energy shock, yet it also reaps substantial benefits from soaring demand for artificial intelligence-related products. Despite the country's dependence on hydrocarbon imports, with the vast majority transiting through the Strait of Hormuz, short-term growth forecasts remain highly optimistic, bolstered by a robust export sector. Factors such as inflationary pressures, the depreciation of the won, and rising household debt, justify monetary tightening. In the longer term, the government is banking on an integrated AI ecosystem, encompassing data centres, robotics and advanced materials) to strengthen its key position in global value chains.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/India-economy-better-equipped-than-2022-face-energy-shock-7/20/2026,53654johanna.melka@bnpparibas.comIndiaEmerging EconomiesEconomic growthInflationIndia is currently in a stronger position than it was in 2022 to cope with the new energy shock. The fiscal capacity to support the economy has increased, and inflation is more contained. Although a slowdown is anticipated (from 7.7% for FY 2025/2026 to 6.7% for the current year), economic growth is expected to remain robust. However, the government’s subsidy policy is likely to delay the consolidation of public finances. Despite the expected reduction in energy subsidies—supported by lower oil prices — food subsidies could rise due to a poor monsoon.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Indonesia-Robust-growth-deteriorating-governance-7/20/2026,53655johanna.melka@bnpparibas.comIndonesiaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceIndonesia is facing two external shocks: rising energy prices and capital outflows. The decline in governance quality has indeed impacted foreign investor confidence. Assuming that the conflict in the Middle East subsides, pressures on external accounts and energy subsidy costs are expected to ease. However, oil prices are expected to remain consistently above their early-2026 levels, perpetuating the risk of fiscal slippage. Investors remain cautious, and rupiah volatility is high.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Poland-Robust-growth-major-imbalances-aside-from-public-deficit-7/20/2026,53656cynthia.kalasopatanantoine@bnpparibas.comPolandEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceDespite the energy shock, Poland’s economic growth is expected to remain robust and could even accelerate slightly in 2026. This growth is being driven by a recovery in investment, while consumption, although slowing, will continue to be one of its main pillars. Inflation remains moderate despite rising fuel prices and is expected to stay within the Central Bank’s target range. The external accounts, meanwhile, are very solid and can accommodate for the rise in energy costs. However, the trajectory of public debt is a cause for concern, particularly given that the government’s lack of a qualified majority is hampering fiscal consolidation.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Romania-Weakened-political-instability-7/20/2026,53657cynthia.kalasopatanantoine@bnpparibas.comRomaniaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceRecent political tensions are once again drawing attention to Romania. The next government’s priority will be to further consolidate public finances; otherwise, the public debt-to-GDP ratio will continue to deteriorate. In addition, Romania appears to be the Central European country most adversely affected by the energy shock, although the situation is still manageable. Economic growth has been sluggish since 2024 and is not expected to improve in 2026. Inflation has now exceeded 10%, but it is expected to ease from September as the effects of the VAT rate hike subside. Monetary authorities are expected to adopt a cautious approach in the short term. By 2027, the Neptun Deep gas project in the Black Sea is set to be a major asset that should help reduce public and external account deficits.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Turkiye-economy-will-cope-renewed-headwinds-once-again-7/20/2026,53658francois.faure@bnpparibas.comTürkiyeEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceTurkish growth has slowed significantly since Q4 2025, and the oil shock since March has led to a significant erosion of foreign exchange reserves, a more pronounced depreciation in the lira than in other emerging-market currencies, and pressure on domestic bond yields. The risk of disruptions to hydrocarbon and fertilizer supplies is limited. However, the revision of official inflation forecasts, the subsequent tightening of monetary policy, and warnings of the finance minister about potential budget slippage have dampened investor sentiment, which is further unsettled by the AKP’s strategy of systematically sidelining potential rivals in the presidential elections. There are often recurring financial tensions in Türkiye. However, the risk of economic destabilization is low given the government’s moderate debt levels and the strength of the banking system. The slowdown is even beneficial, as it will help to limit the current account deficit and should help the central bank in curbing expectations of inflation and rebuilding its foreign exchange reserves.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Brazil-high-cost-resilience-7/20/2026,53659salim.hammad@bnpparibas.comBrazilEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceThe Brazilian economy continues to withstand an ultra-restrictive monetary policy stance. In an election year, fiscal policy has become increasingly active to help cushion the impact of high interest rates and mitigate the effects of the oil shock on households' purchasing power. The resilience of economic activity comes at the cost of slower disinflation and a shift in the fiscal burden towards public banks. The policy mix—protective fiscal policy versus restrictive monetary policy—complicates the adjustments of prices, public finances, and inflation expectations amid more frequent supply shocks. The oil price shock has helped strengthen both external accounts and the reais. Over the medium term, it could strengthen Brazil's attractiveness as an energy supplier while accelerating the country's drive towards greater productive sovereignty.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Colombia-programme-radical-change-7/20/2026,53660lucas.ple@bnpparibas.comColombiaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceThe presidential election on 21 June 2026 was won by Abelardo de la Espriella, an outsider who distances himself from the traditional figures of the Colombian right. His programme, which represents a total departure from that of the outgoing government, draws clear inspiration from the economic liberalisation advocated by Argentine President Javier Milei and the security measures of Salvadoran President Nayib Bukele. His accession to power in August therefore heralds major shifts in economic and fiscal policy, as well as in the fight against drug trafficking. Although economic growth has remained largely unaffected by the closure of the Strait of Hormuz, it is expected to slow in 2026, primarily due to more restrictive monetary and fiscal policies. However, the risks associated with implementing the incoming government’s socio-economic programme are considerable, particularly given the high level of fragmentation in Parliament, where the outgoing government’s party retains a large number of seats.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Mexico-USMCA-review-Mexico-industrial-headache-7/20/2026,53661helene.drouot@bnpparibas.comMexicoEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceMexico’s economic outlook remains modest. It is characterised by a slowdown in private consumption and investment still held back by uncertainty and a lack of new infrastructure projects. Exports, the main drivers of economic activity, have benefited from the US regionalisation strategy, but the USMCA renegotiation is introducing new constraints. The US is tightening the conditions for accessing its market, threatening the competitiveness of the manufacturing sector, which remains dependent on Asian inputs. At the same time, rising public debt, continued support for Pemex and falling oil revenues are drastically reducing fiscal margins, exacerbating the country’s economic challenges.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Saudi-Arabia-conflict-Middle-East-than-just-temporary-shock-7/20/2026,53662stephane.alby@bnpparibas.comSaudi ArabiaEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceSaudi Arabia may not be the Gulf economy most vulnerable to the conflict in Iran, but it is by no means unaffected. This year’s growth forecasts have been significantly downgraded due to the decline in oil production. Nevertheless, excluding hydrocarbons, economic activity remains resilient. Crucially, the country has been able to capture some of the trade flows blocked in the Strait of Hormuz thanks to its infrastructure on the Red Sea. In the short term, the rise in oil exports will improve its external accounts. On the other hand, the recovery in public finances will be less pronounced due to soaring budgetary expenditures. However, there is still ample fiscal headroom. Public debt levels are moderate and the conflict has not undermined creditors’ confidence. Beyond the short-term effects, this conflict is likely to have lasting repercussions across the entire region. Saudi Arabia could stand to benefit from this.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Egypt-Encouraging-signs-macroeconomic-recovery-7/20/2026,53663pascal.devaux@bnpparibas.comEgyptEmerging EconomiesInternational TradeEconomic growthInflationArtificial intelligenceThe impact of the war in Iran and the energy crisis on the Egyptian economy are currently limited. The economy has benefited from macroeconomic fundamentals strengthened by international support and the increased credibility of its economic policy. The momentum for economic recovery and disinflation, which began in 2025, remains intact. The main source of vulnerability – foreign exchange liquidity – has only slightly deteriorated, supported by increased flexibility in exchange rates. Nevertheless, while the Egyptian economy’s vulnerability to external shocks is diminishing, it remains high, particularly due to the growing imbalance in the energy sector and dependence on volatile capital flows. In the medium term, Europe’s willingness to diversify its gas imports could benefit the Egyptian gas hub.Mon, 20 Jul 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Chartpack-Advanced-Economies-Facing-Risk-Stagflation-6/2/2026,53522Lucie BARETTElucie.barette@bnpparibas.comHélène BAUDCHONhelene.baudchon@bnpparibas.comAnis BENSAIDANIanis.bensaidani@bnpparibas.comStéphane COLLIACstephane.colliac@bnpparibas.comGuillaume DERRIENguillaume.a.derrien@bnpparibas.comMarianne MUELLERmarianne.mueller@bnpparibas.comGermanySpainUnited StatesFranceGlobalItalyJapanUnited KingdomEurozoneDeveloped economiesEmployment and labour market Consumption and purchasing powerEnergyEconomic policyAdvanced economies proved resilient in 2025 despite a tariff shock that disrupted global trade. By early 2026, they were on track for faster growth and lower inflation. A fresh shock linked to the war in the Middle East, however, is reigniting inflation while slowing growth. This mix primarily reflects the impact of a likely decline in purchasing power on consumer spending. However, many of the factors that underpinned 2025 growth — AI development, higher defense spending (especially in Europe), and continued trade growth — are set to persist in 2026. They would be reinforced by an acceleration of electrification, against a backdrop of rising oil prices and an AI-driven rise in electricity demand.Tue, 02 Jun 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/2026-2027-Economic-outlook-Advanced-economies-facing-risk-stagflation-4/27/2026,53422helene.baudchon@bnpparibas.comGlobalDeveloped economiesMonetary policyEconomic growthInflationBefore the outbreak of war in the Middle East in late February, our 2026 forecasts for the major advanced economies pointed to higher growth and lower inflation. However, this new conflict in the Persian Gulf is a game-changer. The resulting energy shock is of a stagflationary nature: growth forecasts are being revised downward and inflation forecasts upward, with variations observed across different countries. Most of the supportive factors that were present in 2025 are expected to remain in place in 2026, providing some buffer against the shock. Under the central scenario of the conflict losing intensity by the end of the second quarter, growth forecasts for 2026 are lowered by 0.4 percentage points (an average of the revisions for the countries considered here) while inflation forecasts are revised up by 1.1 percentage points. Fiscal support is expected to remain limited and targeted, with little room for manoeuvre. Monetary support, however, is not currently on the agenda. For the time being, central banks are more concerned about inflationary risks than the negative impact on growth. They appear ready to raise their policy rates, although a definitive decision has yet to be reached. This is our scenario for the ECB and the Bank of England (BoE). For the Bank of Japan (BoJ), such a hike would align with the ongoing process of monetary tightening. The Fed, for its part, would stick to the status quo.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/United-States-Growth-Full-Employment-tested-Uncertainty-4/27/2026,53423Anis BENSAIDANIanis.bensaidani@bnpparibas.comCéline CHOULETceline.choulet@bnpparibas.comUnited StatesDeveloped economiesMonetary policyEconomic growthInflationUS growth remains robust, exhibiting strong momentum, but is still reliant on a narrow base – AI on the activity side and healthcare for jobs. The energy shock presents a new challenge, and its impact will depend on both the duration and severity of the Iran war. In any case, this situation is likely to drive inflation further above the target. Our baseline scenario projects 2.4% annual GDP growth in 2026 (down 0.3pp vs. the pre-conflict outlook) and 2.5% in 2027 (+0.3pp). Inflation is expected to reach 3.2% y/y in 2026. Against this backdrop, we expect the Fed to adopt a two-sided stance, with balanced risks around the Fed Funds rate and a hold as the baseline scenario. Tariffs continue to pose significant uncertainty, as does the trajectory of the federal deficit, which is set to widen, notably due to conflict-related outlays.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Eurozone-recovery-fragilised-called-into-question-4/27/2026,53424Guillaume DERRIENguillaume.a.derrien@bnpparibas.comThomas HUMBLOTthomas.humblot@bnpparibas.comEurozoneDeveloped economiesMonetary policyEconomic growthInflationAccording to our forecasts, the impact of the conflict in the Middle East is likely to restrict GDP growth to 1.0% in 2026 and 1.3% in 2027 (down from 1.6% for both years prior to the conflict). Private consumption will be hit by falling real wages (with inflation projected at 3.0% in 2026 and 3.3% in 2027, compared to initial estimates of 1.9% and 2.3%). However, the high savings rate will enable households to mitigate the impact over time. Economic activity could suffer from less favourable interest rate dynamics (we anticipate a 50bp increase in ECB rates in 2026). However, the ongoing investment in defence, AI and electrification is expected to continue and boost intra-EU trade. The expected deterioration in public finances in 2026 will be significantly less severe than in 2022.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Germany-weaker-recovery-still-expected-take-hold-4/27/2026,53425lucie.barette@bnpparibas.comGermanyDeveloped economiesMonetary policyEconomic growthInflationAfter two years of recession, German growth began to recover in 2025. We expect it to strengthen in 2026, driven by the ramp-up of investment plans. We are, however, revising our forecasts downwards, as the German economy remains vulnerable to the current shock to energy prices (+0.8% in 2026 [-0.6pp] and +1.1% in 2027 [-0.4pp]). This will weigh on private consumption due to the impact of rising inflation (3.2% in 2026 [+1.6pp] et +3.5% in 2027 [+1.2pp]) on the purchasing power of wages. The fiscal trajectory, meanwhile, is expected to remain broadly unchanged. Public debt is set to continue rising towards 70% of GDP by 2030, which, in the current context, would maintain upward pressure on long-term interest rates.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/France-Growth-public-finances-staying-track-4/27/2026,53426Stéphane COLLIACstephane.colliac@bnpparibas.comThomas HUMBLOTthomas.humblot@bnpparibas.comFranceDeveloped economiesMonetary policyEconomic growthInflationSince rebounding in Q2 2025, French growth has been relatively robust. Things are not expected to have changed in Q1 2026, with growth supported in particular by precautionary spending. In Q2, higher inflation (and thus lower purchasing power) should weigh on household consumption, whilst support from public finances is expected to be more moderate than in 2022. However, French growth is expected to remain resilient, driven in particular by public investment (both French and European) in defence and private investment in AI. Overall, we are revising our growth forecasts to 1% in 2026 (-0.3 pp) and 1.1% in 2027 (-0.2 pp); and our inflation forecasts to 2.4% in 2026 (+1.3 pp) and 1.9% in 2027 (+0.4 pp). However, we are maintaining our forecasts for the public deficit at 5% of GDP in 2026 and 4.5% in 2027.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Italy-Navigating-energy-vulnerability-resilient-trade-limited-fiscal-capacity-4/27/2026,53427Simona COSTAGLIsimona.costagli@bnpparibas.comPaola VERDUCIpaola.verduci@bnpparibas.comItalyDeveloped economiesMonetary policyEconomic growthInflationItaly entered 2026 with moderate momentum, posting a real GDP growth of +0.3% q/q in Q4 2025. However, the economy faces increasing risks due to its reliance on LNG and its exposure to the Strait of Hormuz. Consequently, growth is projected to be around +0.7% in 2026 (-0.3 pp), accompanied by weaker investment, consumption and exports. Inflationary pressures are also mounting, as are energy costs for businesses. Despite these challenges, foreign trade remains adaptable. Fiscal consolidation is progressing, although fiscal capacity remains limited.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Spain-Domestic-demand-expected-continue-drive-growth-4/27/2026,53428lucie.barette@bnpparibas.comSpainDeveloped economiesMonetary policyEconomic growthInflationThe Spanish economy is in a favourable long-term cycle, characterised by strong growth, underpinned by domestic demand. In 2026, outperformance relative to the Eurozone is expected to continue, but growth is projected to decelerate due to the weakening of its structural foundations (available labour), a lack of momentum (low productivity) and the inflationary shock. It is projected to reach 2.3% in 2026 (revised downwards by 0.2pp). Inflation is expected to rise to 3.3% (revised upwards by 1pp), which will impact household purchasing power. However, public finances are expected to have the capacity to mitigate this impact without jeopardising the trajectory of public debt ratio reduction.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/United-Kingdom-country-faces-risk-stagflation-4/27/2026,53429marianne.mueller@bnpparibas.comUnited KingdomDeveloped economiesMonetary policyEconomic growthInflationFollowing a strong performance in 2025, the UK economy will suffer in 2026 as a result of its dependence on imported commodities, with little fiscal headroom to address the situation. GDP growth is expected to fall to 0.7%. Inflation is expected to remain persistently above the Bank of England’s (BoE) 2% target, standing at 3.6% in 2026 and 3.3% in 2027 (though this forecast will depend on the scale and duration of the conflict). However, demand is significantly less robust than in 2022, which should limit second-round effects. Nevertheless, the BoE is expected to respond. According to our forecasts, it will raise its key interest rate by 25 basis points in Q2 and then in Q3; it is expected to lower it again in 2027. Grappling with a structural trade deficit and reappraising its ‘special’ trade relationship with the United States, the United Kingdom is expected to continue its strategic rapprochement with the European Union.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Japan-Strong-momentum-under-threat-4/27/2026,53430anis.bensaidani@bnpparibas.comJapanDeveloped economiesMonetary policyEconomic growthInflationThe improved health of the Japanese economy is evident. Consumer confidence and the Tankan business-conditions index hit post-COVID highs before the energy shock began. The shock, however, is expected to weigh on growth, which is projected at 0.5% in 2026 (revised -0.3pp). Inflation, at 2.7% in 2026 (revised up 0.7pp), is set to remain the BoJ. The two pillars of the policy mix could remain at odds in light of the new energy shock, with the government favouring an expansionary fiscal stance while the central bank is expected to keep raising its policy rate, projected to reach 2% by end-2027.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/economic-indicators-4/27/2026,53431GlobalDeveloped economiesEconomic growthInflationEconomic policyA series of six charts showing key economic indicators (GDP, inflation, unemployment, current account balance, budget balance, public debt ratio) and comparing the situations of the major advanced economies.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Contributions-quarterly-GDP-growth-4/27/2026,53432GlobalDeveloped economiesEconomic growthContributions of the various components of demand to quarterly growth (quarter-on-quarter, non-annualized).Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016https://economic-research.bnpparibas.com/html/en-US/Economic-financial-forecasts-4/27/2026,53433tarik.rharrab@bnpparibas.comGlobalDeveloped economiesFinancial markets and investmentsEconomic growthInflationEconomic and financial forecasts for major economies as of April 2026.Mon, 27 Apr 2026 00:00:00 +0200© BNP Paribas - 2016