Chief Economists Outlook September 2025

Additionally, advanced economies are significantly reducing development aid and funding for global economic institutions, an adjustment that affects many developing economies heavily.119 According to the chief economists surveyed, the most likely outcomes of reducing development aid are increased global health risks (85%), increased migration flows (77%) and increased global security (75%) and climate risks (69%). While the chief economists surveyed are optimistic about the prospects of increasing South-South cooperation (52% likely or highly likely), perspectives diverge on other constructive outcomes, such as the emergence of new development pathways or private-sector development finance filling the gaps. The chief economists surveyed are also split on a number of destructive outcomes. There is no majority position among respondents on whether reducing development aid is going to increase the risk of a global debt crisis, reduce growth in developing economies or reduce global growth. However, reducing development aid is expected to contribute to a widening of the gap between advanced and developing economies by 67% of respondents. If left unaddressed, that divergence would represent a missed opportunity to increase global prosperity. The chief economists point to substantial untapped growth potential in developing regions, notably Sub-Saharan Africa, South Asia and Latin America and the Caribbean. At a time when the world is searching for new engines of growth, this potential cannot be overlooked. Unlocking it will require political will, targeted financing and a sustained commitment to international collaboration. Very low Low Moderate High Very high Sub-Saharan Africa 14 18 36 32 South Asia 4 36 50 11 Latin America and the Caribbean 4 39 50 7 Middle East and North Africa 11 36 50 4 Europe 33 33 33 East Asia and the Pacific 4 7 57 29 4 Central Asia 12 68 12 8 China 13 19 53 16 United States 3 36 48 12Figure 25 : Untapped growth potential How would you rate the untapped growth potential in the following geographies? Share of respondents (%) Source: Chief Economists Survey. (August 2025). 24 Chief Economists’ Outlook September