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Global Economic Developments

Global Economic Developments

The global economy emerged from the COVID-19 pandemic and posted positive growth performances in 2021 as vaccination campaigns were rolled out and as travel-related restrictions were lifted. Year 2022 was a challenging one with headwinds looming up with tensions generated by the ongoing geopolitical conflict tied to the Russia-Ukraine war, as well as high global inflationary environment.

The response of central banks worldwide has largely been hawkish with a series of policy rate tightening stances which may engender economic slowdown in 2023. The latest IMF World Economic Outlook (WEO) projects global growth to stand at 3.2 percent in 2022 and to slowdown to 2.7 percent in 2023