Tax competition & multinationals’ behavior are changing as anti-avoidance measures take hold. IMF analysis finds profits are now less responsive to tax differentials, while real investment is more responsive, suggesting profits could be realigning with activity. https://www.imf.org/en/publications/weo/issues/2026/10/13/world-economic-outlook-october-2026?cid=sm-com-x-am26-WEOEA20206002