Outlook 2026: AI drives growth but risks loom

Markets are entering a new era of global economic shifts. The deglobalisation of value chains is transforming trade flows and investment decisions, while new structural drivers, such as the rise of artificial intelligence (AI) and monetary innovation, are redefining the scope of intervention for economic players. US President Donald Trump’s policies have increased economic uncertainty, impacting growth and employment – but not in the AI sector, which is predicted to account for nearly half of US growth in 2025. The US Supreme Court’s ruling on the legality of tariffs could also create a rebound...