Prospects for the global economy to end-2022

Subject

Prospects for the global economy to end-2022.

Significance

Global GDP growth will halve from near 6.0% in 2021 to 3.0% or less in 2022, underpinned by relatively weak growth in the United States and China, and recession in some European economies and emerging markets and developing economies (EMDEs). The Ukraine war, escalating Western/Russian sanctions and/or a renewal of strict COVID-19 lockdowns in key Chinese cities and manufacturing areas could tip the global economy into recession and markedly scar medium-term prospects.