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What Is the Key to Real Macroeconomic Stability?

The global economy is showing unexpected resilience, with traditional instability drivers like geopolitical tensions and tighter liquidity no longer having the predictable negative effects. The IMF’s recent upgrade to a 3.0% real GDP growth estimate for 2025 reflects this strength. In this evolving landscape, what truly underpins macroeconomic stability, and what new guardrails are needed to sustain growth?

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