The global economy is in an upswing. The global aggregate PMI in May reached a 15-year high of 58.4 points. Business activity is rising in almost all major economies, with the U.S. showing the strongest momentum. The service sector is playing an increasingly important role in the global economic recovery. Activity in the tourism and leisure sector increased in April for the first time since January 2020, and in May, it grew at the fastest rate ever observed over the period. Industry is also maintaining its growth momentum. Large-scale fiscal and monetary stimuli reinforce a strong global economic recovery, foremost in developed countries.