Major Economies Economic Forecast

Economic Snapshot for G7 Countries

June 1, 2022

Global economic activity to lose pace in 2022

The world economy will slow sharply this year as fiscal and monetary policies grow less supportive and inflation rises due to the war in Ukraine and Covid-19 lockdowns in China. Risks include further stop-start Chinese Covid-19 restrictions, new variants of the virus, 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 rise notably in 2022 as the war in Ukraine boosts commodity prices and causes supply chain difficulties, which will be compounded by China’s Covid-19 restrictions. Decisive factors shaping the outlook include the war’s evolution, China’s Covid-19 stance, OPEC’s rate of adding oil to the market, global monetary tightening and extreme weather events.


 

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