Global economy: Bumpy road ahead
Global economic growth was set for a robust growth path, but given the volatile situation in Ukraine, the material impacts have spread across regions, commodities and financial markets. China’s zero-COVID-19 lockdowns have added further supply chain pressures.
EDC Economics has revised down its global growth outlook for 2022 (2.7%), followed by a slight pick up in 2023 (3.3%).
Faster growing emerging markets will continue to lead global growth in the near-term, but certain key developing economies, such as China, will see a downshift in growth prospects. European confidence has declined in part as a result. Oil-importing countries are experiencing further impacts from higher prices.
Export Development Canada’s summer 2022 Global Economic Outlook is a must-read, packed with valuable information as well as insights on the world’s key economies, interest rates, commodity prices and exchange rates.