Chief Economists Outlook January 2026

72. The Economist. (2025, 27 November). Narendra Modi plans to free up India’s giant labour force. The Economist. https:// www.economist.com/finance-and-economics/2025/11/27/narendra-modi-plans-to-free-up-indias-giant-labour-force; The Economist. (2025, 17 September). AI is erupting in India. The Economist. https://www.economist.com/asia/2025/09/17/ ai-is-erupting-in-india; The Economist. (2025, 18 September). India could be a different kind of AI superpower. The Economist. https://www.economist.com/leaders/2025/09/18/india-could-be-a-different-kind-of-ai-superpower . 73. International Monetary Fund (IMF). (2025). World Economic Outlook: Global Economy in Flux, Prospects Remain Dim. https://www.imf.org/en/publications/weo/issues/2025/10/14/world-economic-outlook-october-2025. 74. Thomas, D. and Omran, A. A. (2025, 19 November). Saudi Arabia leads $900mn funding round in Luma AI as US ties deepen. Financial Times. https://www.ft.com/content/2009b57c-b12d-439d-bc94-9502fd8aaa1f; Cornish, C., Kissin, E., and Omran, A. A. (2025, 7 October). ‘The glory days are over’: consultants in Saudi Arabia curb expansion plans. Financial Times. https://www.ft.com/content/5adf448e-049d-4344-9c45-78324f9dc844; Lex. (2025, 24 December). Saudi’s sway is here to stay. Financial Times. https://www.ft.com/content/800a938f-25ef-4750-9e77-23a924d9b1c4. 75. Bradshaw, T. (2025, 3 November). US allows Microsoft to ship Nvidia AI chips to use in UAE for first time. Financial Times. https://www.ft.com/content/03b30ba3-d0c6-4f63-92f8-077fcd8dc472. 76. International Monetary Fund (IMF). (2025). Regional Economic Outlook for Sub-Saharan Africa, October 2025. https://www. imf.org/en/publications/reo/ssa/issues/2025/10/16/regional-economic-outlook-for-sub-saharan-africa-october-2025. 77. Ibid. 78. International Monetary Fund (IMF). (2025). Fiscal Monitor October 2025: Spending Smarter: How Efficient and Well- Allocated Public Spending Can Boost Economic Growth. https://www.imf.org/en/publications/fm/issues/2025/10/07/ fiscal-monitor-october-2025; UN Trade and Development (UNCTAD). (2025). A World of Debt Report. https://unctad.org/ publication/world-of-debt. 79. The Economist. (2025, 20 November). Africa’s other debt crisis. The Economist. https://www.economist.com/middle- east-and-africa/2025/11/20/africas-other-debt-crisis. 80. International Monetary Fund (IMF). (2025). Regional Economic Outlook Western Hemisphere. https://www.imf.org/-/media/ files/publications/reo/whd/2025/october/english/text.pdf. 81. Cotterill, J., Nugent, C., and Jones, C. (2025, 13 November). US drew $900mn from IMF account as Argentina debt payment loomed. Financial Times. https://www.ft.com/content/273085f7-90e7-4187-b30d-5fac132147b5; Salmon, K. (2025, 12 November). The next year could be a good one for Javier Milei. The Economist. https://www.economist.com/ the-world-ahead/2025/11/12/the-next-year-could-be-a-good-one-for-javier-milei. 82. The Economist. (2025, 22 October). Why investors still don’t believe in Argentina. The Economist. https://www.economist. com/finance-and-economics/2025/10/22/why-investors-still-dont-believe-in-argentina . 83. International Monetary Fund (IMF). (2025). Regional Economic Outlook Western Hemisphere. https://www.imf.org/-/media/ files/publications/reo/whd/2025/october/english/text.pdf. 84. International Monetary Fund (IMF). (2025). Fiscal Monitor October 2025: Spending Smarter: How Efficient and Well- Allocated Public Spending Can Boost Economic Growth. https://www.imf.org/en/publications/fm/issues/2025/10/07/ fiscal-monitor-october-2025. 85. European Bank for Reconstruction and Development (EBRD). (2025). EBRD gives positive outlook for Central Asian economies. https://www.ebrd.com/home/news-and-events/news/2025/ebrd-gives-positive-outlook-for-central-asian- economies.html. 86. Chatterji, A. et al. (2025). How People Use ChatGPT. National Bureau of Economic Research. https://doi.org/10.3386/ w34255. 87. Lee, K. (2025, 9 December). China’s open-source AI is a national advantage. Financial Times. https://www.ft.com/ content/b1f92b0e-d6ef-4c95-b51e-7bcf90c8a65f. 88. Heikkilä, M. (2025, 2 December). Mistral unveils new models in race to gain edge in ‘open’ AI. Financial Times. https://www.ft.com/content/bc9339a6-a8e4-4c6d-b77a-f9cffafb8a9f. 89. Cui, Z. et al. (2025, 20 August). The Effects of Generative AI on High Skilled Work: Evidence from Three Field Experiments with Software Developers. SSRN. https://dx.doi.org/10.2139/ssrn.4945566. 90. Paredes, J. L. et al. (2025). More Articles Are Now Created by AI Than Humans. Graphite Growth Inc. https://graphite.io/five-percent/more-articles-are-now-created-by-ai-than-humans. 91. Kumpunen, S. et al. (2025). How are GPs using AI? Insights from the front line. Nuffield Trust. https://www.nuffieldtrust.org.uk/research/how-are-gps-using-ai-insights-from-the-front-line. 92. Sriram, A. and Hu, K. (2025, 8 December). Exclusive: SoftBank, Nvidia looking to invest in Skild AI at $14 billion valuation, sources say. Reuters Media. https://www.reuters.com/business/media-telecom/softbank-nvidia-looking-invest-skild-ai- 14-billion-valuation-sources-say-2025-12-08/. 93. Gecker, J. (2025, 12 September). As AI tools reshape education, schools struggle with how to draw the line on cheating. The Independent. https://www.independent.co.uk/news/english-chatgpt-schools-california-carnegie-mellon- university-b2825177.html. 94. Lex. (2025, 7 August). Online learning stocks deserve a better grade. Financial Times. https://www.ft.com/content/aaea5c09-8ba7-40f5-a485-8b944a9d45bf. 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