Major Economies Economic Forecast

Economic Snapshot for G7 Countries

May 5, 2022

Global economic activity to lose pace in 2022

The world economy is projected to lose pace this year as inflation rises due to the war in Ukraine and Covid-19 lockdowns in China, while fiscal and monetary policies tighten. Risks to the outlook include China’s economic performance, new variants of Covid-19, the courses of the Russia-Ukraine war and sanctions on Russia, and faster-than-expected Fed tightening.

Global inflation to rise in 2022

Inflation should increase notably in 2022 as the war in Ukraine leads commodity prices to surge and causes supply chain difficulties, which are heightened by Covid-19 restrictions in China. Decisive factors shaping the outlook include the war’s evolution, China’s Covid-19 stance, OPEC’s rate of adding oil to the market, the Fed’s monetary tightening and extreme weather.


 

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