Today’s global economy bears a striking resemblance to the opening lines of the Charles Dickens classic, A Tale of Two Cities.
Headline data suggest resilience: growth has proven more durable than expected, labour markets remain firm in many regions, and asset prices continue to reflect optimism around technological innovation and future productivity.
Yet beneath the surface lies a far more uneven picture. Large parts of the economy remain under pressure from inflation, higher borrowing costs and constrained affordability. Wealth and income outcomes have diverged meaningfully, as have regional growth paths across the globe.
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