Disclaimers  4

Abbreviations  5

I. Global and Regional Economic Development in 2025

Better-Than-Expected Performance amid External Headwinds  8

Tech-driven Exports and Investment Bolstered CJK Resilience  9

Diverging Inflation Trends and Monetary Policy Paths in CJK  10

II. Trade in a Shifting Regional Landscape

Trade Performance in 2025  14

Structural Shifts in Regional Trade  15

III. Outlook and Risks

Framing the Outlook  22

Short-term Risks

Navigating the AI Boom  23

Tariff Dynamics and CJK Economic Impacts  26

Middle East Conflict Spillovers  29

Long-term Trend

Slower Growth and the Productivity Challenge  31

Vanguard of the Aging Shift  32

Advancing Greener Economies toward Sustainable Growth  35

List of Figures and Tables  39

References  40