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As the Middle East conflict de-escalates – despite temporary flare-ups – we expect only a mild slowdown in global growth in 2026 to +2.5%, followed by a rebound to +2.9% in 2027, broadly in line with our previous baseline outlook.
SpaceX’s record-breaking IPO puts a public price on a conviction private investors already hold: space is a durable investment vertical, not a passing cycle.