Macro Waves

The energy crisis versus the rise of AI: why emerging economies are holding their own

This latest issue of MacroWaves is devoted to the repercussions of the energy shock and the rise of AI in emerging economies. The spring of 2026 saw by mounting risks: wa

Conflict in the Middle East: analysis of the consequences for advanced economie

Since the outbreak of the conflict in the Middle East on 28 February, energy markets have experienced increased volatility, with a marked rise in oil and gas prices. Howe

How can Europe attain energy sovereignty?

Welcome to this new episode of MacroWaves, the podcast from BNP Paribas’s Economic Research department. In this episode, we’re joined by Pascal Devaux to discuss a crucia

AI, a new strategic driver for emerging economies

In this new episode of MacroWaves, we examine how artificial intelligence is reshaping growth in emerging economies. We hear from three economists at BNP Paribas Economic

Public finances in advanced economies: significant yet surmountable constraints?

Between rising interest rates, an ageing population and massive rearmament needs, the budgetary equation for advanced economies is becoming increasingly complex. Why is d

In 2026: Consumption to rebound in the Eurozone and to modaterate in the US?

Hello, everyone, and welcome to another episode of Macro Waves, the BNP Paribas Economic Research podcast. Today, we're looking at household consumption, which remains th

Emerging economies — Solid growth, limited room for manoeuvre

In today’s discussion, we delve into the public finances of emerging economies in 2025, based on an exclusive analysis of our most recent EcoPerspectives issue focused on

International trade: after the US tariff offensive, an ever more multipolar world

https://economic-research.bnpparibas.com/Home/en-US Since Donald Trump's return to the White House in 2025, the United States has massively increased its tariffs. As a r

Global Economy: Issues to watch in the second half of 2025

As we enter the second half of the year, and after a first half marked in particular on the economic front by the tariff war initiated by the United States, we suggest th

What are the effects of US tariff policy on global trade and emerging economies?

To highlight the publication of the second quarter issue of EcoPerspectives Emerging Economies, three members of the Emerging Economies team speak in ‘MacroWaves’: Christ

In the turmoil of US tariffs: what effects on developed economies?

In this new Podcast, we take a look at the short- to medium-term economic outlook for the major advanced economies, analysing the impact of trade tensions, the room for m

Audiobrief | Self-employment back to the future

In this Audiobrief, Stéphane Colliac discusses selfemployment in France. It has been growing again for almost 20 years, particularly in household services, but also in bu

Audiobrief | The European Union's trade balance: back in surplus

In this Audiobrief, Guillaume Derrien discusses recent evolution of the European Union's trade balance. The latter moved back to a surplus in 2023. Despite China’s rampin

Audiobrief | French trade deficit: France is relatively deindustrialised but investing

In this audiobrief, Stéphane Colliac describes France’s trade deficit for 2023 main drivers. In addition to a deficit linked to imports of hydrocarbons and a structural d

#2 - Geopolitical uncertainty: economic consequences

In the second podcast on geopolitical uncertainty and its economic consequences, Daniel Morris and William De Vijlder look more closely at the impact of geopolitical unce

#1 - Geopolitical uncertainty: economic consequences

In two podcasts Daniel Morris, Chief Market Strategist of BNP Paribas Asset Management discusses with William De Vijlder, Group Chief Economist of BNP Paribas the impact

#2 - Looking beyond the peak

In the second and last episode of the series on central banks and their fight against inflation, Andrew Craig and William de Vijlder are looking beyond the peak and discu

#1 - Central banks and their fight against inflation. Job done?

In this series of two podcasts Andrew Craig, co-head of the Investments Insight Center at BNP Paribas Asset Management, interviewed William de Vijlder, group chief econom

#3 - National recovery plan Espana 2050: Towards a productivity recovery?

In this third and final episode of the series dedicated to labour productivity in Spain, signs of encouragement for a recovery in Spanish productivity are presented, in p

#2 - Why Is Productivity Growth So Low?

In this second episode of the series on labour productivity in Spain, Hélène Baudchon and Guillaume Derrien discuss the three main factors that explain Spain's low produc