The IMF has updated its report World Economic Outlook (WEO) on a slightly more optimistic note: global GDP growth revised upwards by 2025 to +3.2% (compared to 3.0% previously estimated). By 2026 it maintains its figure around +3.1%.
In developed economies, inflation also shows signs of moderation: it is estimated to reach a +2.5% by 2025, dropping to +2.2% in 2026.
By regions
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In the United States, growth rises to +2.0% by 2025 (from +1.9%) and +2.1% by 2026.
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In Europe, growth for 2025 is revised upwards to +1.2% (from +1.0%) but for 2026 it falls slightly to +1.1%.
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For Spain, the IMF estimates a growth of +2.9% by 2025 and +2.0% by 2026.
Factors behind the upward revision
The report highlights several factors that have contributed to the momentum:
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Less negative impact of tariffs than expected, thanks to new trade agreements.
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In Europe, fiscal stimuli — especially in Germany — and the good performance of Spain.
But there are also risks in sight: the IMF warns that the escalation of tensions between China and the US could slow global growth.
What does this scenario mean for you?
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Better global growth expectations may benefit emerging markets and weaker European economies.
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Moderate inflation in developed countries helps keep interest rates under control, which is positive for fixed income investments and purchasing power.
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For Spain, the figure of +2.9% in 2025 is solid, but the pace slows in 2026; It is advisable to be attentive to structural reforms and domestic dynamism.
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Despite the optimism, geopolitical risks (for example China-US) mean that it is prudent not to be overly optimistic: diversifying and having room for maneuver are still good practices.