Institute of International Finance November 20, 2025

Global Macro Views: Global Disruption Brief - Chasing the Signal

Marcello Estevão ·

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About this work

Digital production is becoming a dividing line among emerging markets. Only a small group can export digital activity at scale, with technology services the most dynamic component. Foreign direct investment is already responding to this capacity, while portfolio flows remain more closely tied to liquidity and macroeconomic conditions. Digital export strength may increasingly influence where lasting investment goes.

Cite this work

Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: Global Disruption Brief - Chasing the Signal. Institute of International Finance.