国际清算银行-2025年度经济报告（英）-2025.6-126页.pdfVIP

BIS

BIS

AnnualEconomicAnnualEconomic

AnnualEconomic

Report

Report

Report

June2025

June2022

June2022

©BankforInternationalSettlements2025.Allrightsreserved.

Limitedextractsmaybereproducedortranslatedprovidedthesourceisstated.

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BIS

AnnualEconomic

Report

June2025

ThispublicationisavailableontheBISwebsite(/publ/arpdf/ar2025e.htm).

©BankforInternationalSettlements2025.Allrightsreserved.

Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.

ISSN2616-9428(print)

ISSN2616-9436(online)

ISBN978-92-9259-859-4(print)

ISBN978-92-9259-858-7(online)

Contents

Atacrossroads:policychallengesinashiftingworld.............1

Theyearunderreview.........................................................1

Pursuingstabilityandgrowthinashiftingworld.............................2

Monetarypolicypriorities.................................................4

Buildingamonetaryandfinancialsystemforthefuture......................4

I.Sustainingstabilityamiduncertaintyandfragmentation.......7

Introduction..................................................................7

Fromsoftlandingtoturbulenceanduncertainty............................8

BoxA:Tradedeficitsandtariffs:whyta