Fragile Markets Supported by Growth On 7 October 2026, Ms Georgieva, Managing Director of the International Monetary Fund (IMF), stated that the global economic situation “requires a comprehensive package of urgent policy measures” and that “fiscal policy space is in dire need of replenishment.” Indeed, public debt is increasing in most countries and is expected to reach 100% of global GDP, its highest level since the Second World War.

An Exceptional Quarter for the Markets: With a gain of 15.3% in euro terms, the MSCI World Index recorded one of its strongest quarterly performances of recent decades. Such returns typically occur only in the aftermath of major crises or during periods of powerful market recovery.