Climate risks to global supply chains are increasing due to more intense and frequent extreme weather events, affecting the global economy. It is vital to understand their past impact and prepare for future shocks.
Geopolitical tensions affect the global economy, weaken the dollar, generate debt and financial crises, and interfere with markets and banks, potentially causing crises. Financial discipline promotes stability, but international cooperation is required to address structural challenges and implement reforms. Financial digitalization accelerates the circulation of assets and demands global regulatory coordination.
The trade agreement between Vietnam and the United States, announced in July, addresses the transshipment of Chinese goods. Vietnam became a key partner after the high tariffs imposed by Trump, exporting textiles, footwear, and electronics to the US. The agreements aim to regulate illegal transshipment to avoid tariff evasion, but uncertainties persist about their details and effects.
Energy security in Ukraine is crucial to counter Russian threats and ensure rapid recovery. Moscow has damaged infrastructure, increasing repair costs. Kiev is seeking to diversify its energy mix and secure supply for the winter, with Italy playing a key role. International cooperation, including the United States, is vital. Italy supports renewable energy projects and resilience initiatives.
In Lombardy, the economy is sustained with services, consumption and employment, despite weak manufacturing. Global uncertainty due to US tariffs and protectionist policies persists. A slight economic growth is projected for 2025 and a greater acceleration in 2026. Europe shows regional economic divergences.
