NORDICS Stable foundations, downgraded forecasts / p. 11 BY THE NUMBERS Key figure forecasts for the Nordic and global economies / p. 28 FROM THE CHIEF ECONOMIST Global uncertainty eases but challenges persist / p. 5 #3 / 2025 STEADY PATH Central banks are reaching the end of their cutting cycle, and interest rates are likely to remain flat for now, as risks continue to cloud the outlook. / p. 6
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