Multinational firms and global innovation
Multinational companies are at the heart of two key globalisation trends: the fragmentation of production and the internationalisation of innovation. This column studies the global
How resilient is Russia’s economy after four years of war?
Resilience in Russia’s 2022–25 economy is fading as war spending slows growth, entrenches inflation and amplifies structural fragilities. In 2022-2025 the Russian economy demonstrated resilience
Changing tariff treatment and the exports of developing countries
Recent changes in the tariff policies of the US and China are likely to affect developing countries in complex ways. This column argues that pre-existing
Wheat steadies after selloff triggered by USDA’s production estimates
Gorey said investor positioning had become more neutral in recent weeks, and that because the Ukraine-Russia war was not impeding grain exports. U.S. wheat futures
Hidden exposures in domestic supply chains: The spread of foreign trade risks
Understanding how foreign shocks affect economies has become a policy priority. Using domestic firm-to-firm transaction data matched with customs records, this column shows that Italy’s
Supply shocks and inflation: Timely insights from financial markets
Determining the drivers of inflation in real time is a central challenge for central banks. This column introduces a new financial markets-based model to identify
Oil market glut: surging output and sluggish demand pressure prices
This blog post is part of a special series based on the October 2025 Commodity Markets Outlook, a flagship report published by the World Bank. This series
From the China Shock to the global relocation of production: Inequality consequences
Globalisation has raised living standards worldwide but has also fuelled concerns that international competition is eroding middle-class incomes and widening inequality within countries. The column
The impact of interest: How loan rates shape firm investment
Monetary policy moves aggregate investment, but the underlying drivers remain unclear. This column opens the black box with a German firm survey. A one percentage
Sustained growth through creative destruction: Nobel laureates Philippe Aghion and Peter Howitt
Philippe Aghion and Peter Howitt have been jointly awarded the 2025 Nobel Prize in Economic Sciences with Joel Mokyr ‘for having explained innovation-driven economic growth’.
