I'M really excited to see how global gross domestic product (GDP) growth pans out this third quarter. All over the world, one can feel that work needs to be done in order to keep growth going. My assessment remains that the eurozone will have the toughest time, and now I see cold headwinds well into 2025.

It surprised many when Europe's largest economy slipped into an economic hole with negative GDP growth. Getting out of that hole requires an act of strength, which Germany does not possess at the moment, and this applies not only politically but in reality also economically.