全球360视角：我们的全球观点

M Global FoundationGlobal Economic BriefingThe Global 360Our views around the world. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. June 11, 2025 05:00 AM GMTM Global Foundation2 Contributors Morgan Stanley & Co. LLCSeth B CarpenterChief Global Economist