Global Growth Outlook 07/2022: Double shock

The global economy will only grow by about three percent this year. At the start of the year we forecast four percent. The double shock of the Russian war in Ukraine and China’s zero-Covid strategy is fuelling inflation and cutting growth worldwide. High inflation in the euro area and Germany needs a monetary policy response. The European Central Bank is tightening the reins to bring inflation back down towards two percent by 2024.