2025 Economic and industry outlook : perspectives for the second half

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      <subfield code="a">The report highlights that, during the first half of 2025, the global economy has shown resilience in the face of geopolitical tensions, trade adjustments, and energy risks. Despite the rebound in oil prices and divergent monetary policies across regions, the macroeconomic outlook points to a moderate recovery, with ongoing disinflationary processes and expectations of convergence toward a pre-pandemic equilibrium. Developed economies face differentiated fiscal and monetary constraints, while emerging markets maintain dynamic growth with stable fundamentals. In this context, the global insurance sector is experiencing a favorable environment, thanks to positive real interest rates, moderate inflation, and stable consumption. The life savings segment is particularly benefiting from the performance of financial markets and the return on fixed-income instruments</subfield>
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