Chief Economists Outlook May 2025

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36Chief Economists Outlook CB Insights Research. (2025). State of AI Q1’25 Report - CB Insights Research. https://www.cbinsights.com/research/report/ai-trends-q1-2025/. Danielsson, J. & Uthemann, A. (2024). How AI can undermine financial stability. VoxEU/ CEPR. https://cepr.org/voxeu/columns/how-ai-can-undermine-financial-stability. European Commission. (2025a). EU launches InvestAI initiative to mobilise €200 billion of investment in artificial intelligence [Press release]. https://digital-strategy.ec.europa. eu/en/news/eu-launches-investai-initiative-mobilise-eu200-billion-investment- artificial-intelligence. European Commission. (2025b). Support ecosystem for AI innovation in Europe. European Commission. https://digital-strategy.ec.europa.eu/en/policies/support-ecosystem- ai-innovation-europe. Foster, P . & Fleming, S. (2025, 4 March). Donald Trump baffles economists with tariff formula. Financial Times. https://www.ft.com/content/85d73172-936a-41f6-9606- 4f1e17cb74df. Foy, H. & Hall, B. (2025, 20 March). European military powers work on 5-10 year plan to replace US in Nato. Financial Times. https://www.ft.com/content/939b695c-7df8- 412d-a430-df988c98f2ca. Friesen, G. (2025, 24 January). Trump’s AI Push: Understanding The $500 Billion Stargate Initiative. Forbes. https://www.forbes.com/sites/garthfriesen/2025/01/23/trumps-ai- push-understanding-the-500-billion-stargate-initiative/. Gann, M. (2025, 18 March). Finanzpaket für Verteidigung und Infrastruktur: Was das Schuldenpaket beinhaltet und woran es scheitern könnte. Die Zeit. https://www. zeit.de/politik/deutschland/2025-03/schuldenpaket-bundestag-sondervermoegen- infrastruktur-grundgesetzaenderung-faq. Georgieva, K. (2025). Toward a Better Balanced and More Resilient World Economy. Spring Meetings 2025 Curtain Raiser. International Monetary Fund (IMF). https://www.imf. org/en/News/Articles/2025/04/17/sp041725-spring-meetings-2025-curtain-raiser . Goldman Sachs. (2023, 8 January). AI investment forecast to approach $200 billion globally by 2025. https://www.goldmansachs.com/insights/articles/ai-investment-forecast- to-approach-200-billion-globally-by-2025. Government of the Republic of Singapore. (2023). National AI Strategy. https://file.go.gov.sg/nais2023.pdf. International Energy Agency (IEA), International Renewable Energy Agency (IRENA), United Nations Statistics Division (UNSD), World Bank & World Health Organization (WHO). (2024). Tracking SDG 7: The Energy Progress Report. https://trackingsdg7.esmap.org/.
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