Major Economies Economic Forecast

Economic Snapshot for G7 Countries

January 30, 2022

Economic Growth

Global growth will cool this year due to higher interest rates and the cost-of-living crisis. However, the U-turn in China’s Covid-19 policies, a resilient U.S. economy, and a healthy global labor market should soften the downturn. Faster-than-expected monetary tightening, a spillover of the Russia-Ukraine war, U.S.-China tensions and a global energy crunch are key risks.

Inflation Outlook

World inflation should have peaked in H2 2022. Price pressures will soften in 2023 on slowing economic activity and lower commodity prices. Nevertheless, inflation will remain elevated by historical standards. The resilience of the global economy, the war in Ukraine, central banks’ policy paths and OPEC’s oil production decisions are key factors to watch this year.


 

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