About this work
Growth across the United States, Europe and Japan rests on increasingly narrow sources of strength. US investment in artificial intelligence masks softer labor and demand conditions, Europe struggles with weak investment, and Japan normalizes policy cautiously. Lower US yields may help emerging markets, but sustained inflows depend on credible fiscal and macroeconomic frameworks rather than favorable financing alone.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: The Narrow Engine: G3 Economies in the Age of Selective Strength. Institute of International Finance.