Globally, uncertainties remained heightened given the rapidly evolving tariff escalations initiated by the United States (US) on various countries. Indeed, the global uncertainty prevalent since Donald Trump’s re-election as US President reflected in the underwhelming fourth quarter growth in advanced Westerneconomies. Growth moderated in the US and eurozone and was sluggish in the United Kingdom (UK) despite picking up marginally.

• Growth in the United States moderated significantly to 2.3% in the fourth quarter from 3.1% in the third
• In January, the Bank of Japan raised interest rates to 0.50%, the highest in 17 years
• Global energy prices rose a sharp 7.2% in January, driven by a significant increase in oil prices, stemming from demand- and supply-side disruptions