Economic growth remains strong despite adverse shocks. Inflation is
well within its target band, and the financial sector broadly resilient. Downside risks stem
from trade policy shocks, prolonged uncertainty, and global financial market volatility.
Ensuring durable and high-quality growth will require a carefully calibrated policy mix,
relying on strong guardrails and buffers to prevent the buildup of vulnerabilities, and
deploying bold and sound structural reforms.