The global economy has proved resilient in the face of strong economic headwinds.
We expect global GDP to grow by 2.9% p.a. in 2024 and 2025.

We expect global GDP to grow by 2.9% y/y in 2024 and 2.8% y/y 2025. However, the balance in global growth is shifting.

In H1 2025, residential market activity was primarily driven by smaller deals. The reduction in investment in Q2 2025 (-20% y/y) offset gains made in Q1 2025 (+33% y/y).