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• Date de création 10/04/2025
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In March 2025, the global economy maintained a trajectory of moderate growth, characterized by gradual disinflation. Most measures of underlying inflation suggest a sustainable stabilization of prices. Furthermore, the rise in energy prices has slowed, which is a positive sign for consumers and businesses. However, despite these advancements, overall inflation remains high, largely due to delayed adjustments in wages and prices in certain sectors that experienced significant inflationary pressures in the past. The persistence of strong uncertainties on geopolitical, trade, and economic fronts will continue to weigh on global economic growth and may particularly impact investments and exports, thus hindering the expected recovery. Additionally, growth could be constrained if the delayed effects of monetary policy tightening linger beyond forecasts. Conversely, if financing conditions ease and inflation continues to decline, a quicker rebound in domestic consumption and investment could be anticipated.

In the commodities sector, copper continued its upward momentum, supported by the energy transition, a weak dollar, and ongoing trade tensions. Cobalt, on the other hand, experienced a spectacular surge, primarily due to the suspension of exports from the Democratic Republic of Congo, resulting in a major supply shock in the market. Moreover, gold reinforced its emblematic role as a safe haven in response to persistent geopolitical and trade uncertainties. In contrast, the oil market faced increased volatility; following a decline prompted by the announcement of a production increase by OPEC+, a slight recovery began at the end of the month, although the risks of oversupply continue to affect prices.